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Stocks steady, investors uneasy about AI disruption
Stocks steady, investors uneasy about AI disruption
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, January 14, 2026. REUTERS/staff · Reuters
By Gregor Stuart Hunter and Amanda Cooper
Tue, February 24, 2026 at 9:33 p.m. GMT+9 3 min read
In this article:
^N225
+0.87%
By Gregor Stuart Hunter and Amanda Cooper
SINGAPORE/LONDON, Feb 24 (Reuters) - Global shares stabilised on Tuesday, after a tumble driven by a range of factors, from uncertainty over U.S. President Donald Trump’s tariff policy and geopolitical tensions to renewed worries about the upheaval to the economy from AI.
After the Supreme Court ruled Trump’s emergency tariffs were unlawful on Friday, the president announced a 10% across-the-board levy, which came into effect on Tuesday. Trump later said the tariff would be 15%, but it was unclear when, or if, this would apply.
Importers could be in line for billions of dollars in refunds, while trade partners and investors alike are in the dark about where many existing tariff agreements stand.
MSCI’s All-World index was unchanged, while in Europe, the STOXX 600 edged up 0.2%, in sight of record highs, while U.S. stock futures were up 0.4%.
BEARISH ANALYSIS ON EFFECTS OF AI GETS ATTENTION
On Monday, the S&P 500 slid 1%, erasing the past week of gains, as fears over the displacement effects of AI on software and other industries pushed the Nasdaq Composite 1.1% lower. A bearish analysis from Citrini Research on the possible risks to the global economy took a further toll on jittery investor sentiment.
The report was “getting a lot of airplay”, said Tony Sycamore, market analyst at IG in Sydney. “It does align with quite a few fears which are out there.”
The article, which circulated at the weekend, is one of a number of recent “think pieces” on the long-term consequences of artificial intelligence - on employment, global growth and even human existence - that have rattled investors.
In a note discussing a similar piece, Deutsche Bank strategist Jim Reid wrote: “The argument leans heavily on narrative and emotion rather than hard evidence. That doesn’t mean it will ultimately be wrong, but … the vibes-to-substance ratio is undeniably high.”
A range of software and payment stocks dropped on Wall Street on Monday. Shares of International Business Machines plunged by more than 13% - their biggest one-day fall since late 2000 - after AI startup Anthropic said its Claude Code tool could be used to modernize a programming language run on the company’s systems. IBM stock was up 0.5% in premarket trading.
The sheer scale of corporate borrowing and spending on AI has been enough to make many nervous, not least because of the outsized market weight of companies at the heart of the boom. Yet, for all the recent volatility, the S&P itself is only around 2.5% below record highs.
“None of this, so far, has delivered the knock-out blow to equity markets, where the S&P 500 has gyrated in a narrow 6,775-7,000 range since the start of the year,” said ING strategist Chris Turner. “Tomorrow evening’s Nvidia release might be the next big story, however.”
AI chipmaker Nvidia, which reports earnings after the bell on Wednesday, accounts for around 8% of the entire S&P 500.
FEDEX SUES FOR REFUNDS AFTER U.S. TARIFF RULING
On Monday, Trump warned countries against backing away from recently negotiated trade deals with the U.S. after the Supreme Court tariffs ruling, saying that he would impose much higher duties on them under different trade laws.
The new tariffs are based on Section 122 of the Trade Act of 1974, causing further confusion in markets trying to come to grips with U.S. protectionist policies. Global transportation company FedEx on Monday sued for a refund.
In currencies, the dollar was last up 0.8% at 155.89 yen and steady against the euro at $1.178.
In commodities markets, Brent crude traded at $71.43 per barrel, little changed on the day, while tensions continued to simmer between the U.S. and Iran. Safe-haven gold remained volatile, down 1.25% at $5,166 an ounce.
(Additional reporting by Gregor Stuart Hunter in Singapore; Editing by Kevin Liffey and Alex Richardson)
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