CNBC Business News Update Market Close: Stocks Sell Off, Investors Worry About Tariffs And AI Disruption, Mortgage Rates Hit Lowest In More Than 3 Years 2/23/26
Feb 23, 2026
Stocks plunged as investors grew uneasy about tariffs and AI-driven disruption. Analysis covers broad sector selling and shifts to safe-haven assets like gold and bitcoin. Mortgage rates slipped to a multi-year low. Political and legal pushback around tariff plans and weather-related flight chaos also make headlines.
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Market Drop Fueled By AI Fears And Tariff Uncertainty
- Stocks sold off sharply as investors worried simultaneously about AI disruption and renewed tariff uncertainty.
- Jessica Ettinger reported the Dow fell 821 points and major averages were down over 1%, driven partly by IBM's 13% drop.
Uncertainty Lifts Gold While Crypto Softens
- Safe-haven assets rose as uncertainty pushed investors away from risky stocks toward gold and other stores of value.
- Jessica Ettinger noted gold climbed to its highest since late January near $1,520 an ounce while Bitcoin slipped to about $64,000.
Consider Buying While 30-Year Rates Near 2022 Lows
- Potential homebuyers can take advantage of falling mortgage rates that matched the lowest level since September 2022.
- Mortgage News Daily showed the 30-year fixed average fell to 5.99%, lowering monthly principal and interest to $1,916 on a $400,000 median home with 20% down.