US Stock Market Plunges $700 Billion: AI, Trump Tariffs Fuel Investor Panic

• US stock market lost approximately $700 billion in market value as Dow Jones, S&P 500, and Nasdaq fell simultaneously.
• IBM shares plummeted 13% after an Anthropic report suggested AI could automate COBOL modernization, a key IBM business.
• The broader software sector, including Microsoft, Salesforce, and Adobe, also saw significant declines.
• Fears of AI-driven unemployment, potentially reaching 10% by 2028, impacted consumer spending stocks like American Express and Mastercard.
• Donald Trump's tariff warnings and global trade uncertainty further rattled investor confidence, pushing gold and silver prices up.