U.S. stocks, plummeting 800 points!

K-LinePoet · 2026-02-24T23:15:42+00:00

U.S. stocks plummeted due to uncertainty over tariffs and concerns about AI development, with IBM dropping over 13%. The Dow Jones, S&P 500, and Nasdaq all closed lower as the market focuses on future policy directions. Driven by risk aversion, gold and silver prices rose.

K-LinePoet

2026-02-24 23:15:42

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【Introduction】U.S. Stocks Plunge, IBM Drops Over 13%! Gold and Silver Surge

On February 23rd, Eastern Time, due to uncertainties surrounding tariff rulings and market concerns over AI development, the three major U.S. stock indices all came under pressure and closed lower.

By the close, the Dow Jones Industrial Average fell 1.66%, closing at 48,804.06 points, down 821.91 points; the S&P 500 declined 1.04% to 6,837.75 points; the Nasdaq dropped 1.13% to 22,627.27 points.

Among Dow components, IBM dropped 13%, and American Express fell over 7%, leading the Dow lower.

On the macro front, U.S. Customs and Border Protection (CBP) announced that it will cease collecting tariffs imposed under the International Emergency Economic Powers Act (IEEPA) at 12:01 a.m. Eastern Time on Tuesday (13:01 Beijing Time). Previously, the U.S. Supreme Court had ruled these tariffs illegal. CBP posted a message on its Cargo System Messaging Service (CMSMS) informing shippers that all tariff codes related to former President Trump’s orders under IEEPA would be deactivated starting Tuesday.

Michael Landsberg, Investment Director at Landsberg Bennett Private Wealth Management, stated that the key issue is the policy direction after this period. If tariffs remain unchanged, there could be a return to the Supreme Court later this year. He believes tariff negotiations will continue to disrupt the market for the rest of the year, but the volatility may be less severe than the initial shock in April last year.

Edward Jones Global Investment Strategist Angelo Kourkafas downplayed the impact of tariffs, suggesting that raising tariffs to 15% is unlikely to have a substantial effect on economic activity, and advised investors not to overreact to short-term news.

Additionally, market attention is focused on President Trump’s upcoming annual State of the Union address this week.

Tech Giant IBM Plunges Over 13%

On February 23rd, Eastern Time, tech giant IBM plummeted over 13%, marking its largest single-day decline since October 2000.

The news came as Anthropic launched Claude Code, which can automatically analyze and modernize COBOL systems, threatening IBM’s long-standing mainframe business.

COBOL, short for Common Business-Oriented Language, was developed in the late 1950s and is widely used in business data processing, such as payment processing and retail transaction systems. According to Anthropic, about 95% of ATM transactions in the U.S. rely on COBOL, making it a prime target for cost-effective AI technology disruption.

Anthropic stated that Claude Code can assist in modernizing COBOL codebases by mapping dependencies across thousands of lines of code, generating workflow documentation, and identifying risks that would typically take human analysts months to discover.

Gold and Silver Surge

On February 23rd, Eastern Time, safe-haven precious metals rose again amid the tariff turmoil.

At the time of writing, COMEX gold futures were at $5,262.3, up 0.7%; COMEX silver futures were at $88.46, up 2.18%.

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