Stocks settled lower across the board on Monday, as President Trump's move to hike global tariffs to 15% and AI disruption fears weighed. The Dow shed 821 points for its worst day in over a month, after Anthropic touted new programming capabilities for its Claude Code product, which pressured software stocks like IBM (IBM) and Microsoft (MSFT). Fears only grew after Citrini Research indicated AI advancements could lead to 10% unemployment, dragging the Nasdaq and S&P 500 sharply lower. Elsewhere, the Cboe Volatility Index (VIX) settled back above 21.
Continue reading for more on today's market, including:
- Domino's Pizza stock enjoyed a post-earnings pop.
- 2 airline stocks tumbling amid the northeast blizzard.
- Plus, footwear stock downgraded; behind NVO's bear gap; and RKLB lined up for earnings.
5 Things to Know Today
- Amazon.com (AMZN) announced plans to invest $12 billion on AI data centers in Louisiana. The company's AI spending could rise to $200 billion this year. (CNBC)
- Turmoil over the Supreme Court's tariff ruling and Trump's subsequent global tariff increases to 15% pressured Bitcoin (BTC) below $65,000. (Barron's)
- Footwear stock could see more losses, says analyst.
- Drug underperformance drags Novo Nordisk stock.
- Rocket Lab stock gearing up for quarterly report.
Tariff Hike Adds Shine to Gold Prices
Oil prices settled near breakeven on Monday, as the U.S. and Iran continued to engage in nuclear talks. Doubts surrounding global economic growth and fuel demand in light of President Trump's tariffs weighed as well. March-dated West Texas Intermediate (WTI) crude rose 1 cent to settle at $66.49 barrel.
Gold surged to its highest level in three weeks to kick off the week, with the latest tariff hike driving demand for the safe-haven metal. April-dated gold futures added 2.8% to settle at $5,225.60 per ounce.
