On Monday, the Dow Jones Industrial Average surged before collapsing due to viral misinformation about President Trump's tariffs, initially stemming from social media. This misinformation misrepresented comments made by Kevin Hassett of the National Economic Council regarding a potential 90-day tariff pause, causing significant investor optimism. Major outlets, including CNBC and Reuters, propagated the false claim, leading to a substantial market reaction. Eventually, the White House denied the report, and Reuters retracted their article, showcasing the volatile impact of misinformation on financial markets.
The Dow Jones Industrial Average experienced a significant spike, then a crash, due to incorrect market reporting originating from social media, which impacted investor sentiment drastically.
The inaccurate claims about Trump considering a 90-day tariff pause caused a multi-trillion dollar fluctuation in the market, illustrating the volatility stemming from misinformation.
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