Breaking news late at night! U.S. stocks plummet, Dow drops over 800 points! Gold and silver surge

【Big River Financial Cube News】On February 23rd, local time, U.S. stocks plummeted, with the Dow Jones Industrial Average dropping over 800 points; gold and silver prices surged.

U.S. stocks all sharply decline, Dow drops over 800 points

The three major U.S. stock indices all closed down more than 1%, with the Dow falling 821 points, a 1.66% decrease; the Nasdaq dropped 1.13%, and the S&P 500 declined 1.04%.

Most large tech stocks fell, with Microsoft and Netflix down over 3%, Tesla, Amazon, and Meta down more than 2%, and Google and Intel down over 1%; Apple and Nvidia saw slight gains. IBM fell over 13%, the largest decline since 2000. Novo Nordisk dropped over 16%, as its product CagriSema underperformed compared to Lilly’s Zepbound in clinical trials. Cancer cell therapy company Arcellx surged over 77%, news reports indicate that Gilead Sciences is expected to acquire the company at $115 per share. Visa fell over 4%, the largest single-day decline since June last year; Mastercard dropped over 5%, the biggest since April last year.

Gold and silver surge, spot gold back above $5,200 per ounce

On the evening of the 23rd, gold and silver prices continued to soar. As of early morning February 24th Beijing time, London gold broke through $5,200 per ounce, up 0.41%; London silver was at $88.54 per ounce, up 0.40%. Additionally, COMEX gold also surpassed the $5,200 mark, and COMEX silver broke through $88.

On the news front, according to CCTV News, the U.S. Customs and Border Protection (CBP) announced that starting from February 24th Eastern Time, tariffs imposed under the International Emergency Economic Powers Act (IEEPA) will be suspended.

On the 22nd, CBP stated via its cargo messaging system that tariffs imposed under IEEPA will no longer be effective, and from February 24th Eastern Time, goods entering the consumer market or being withdrawn from warehouses for consumption will no longer be subject to these tariffs. The message also noted that suspending these tariffs does not affect any other tariffs imposed by the Trump administration.

Earlier, on the 20th, the U.S. Supreme Court issued a ruling declaring that the large-scale tariff policies implemented by the Trump administration under IEEPA were unlawful.

On the same day, after the Supreme Court ruling was announced, Trump announced that, under Section 122 of the U.S. Trade Act of 1974, a 10% import tariff on global goods would be imposed for 150 days to replace the tariffs deemed unlawful by the court. On the 21st, Trump posted on social media that he had increased the “global import tariff” rate from 10% to 15% the day before.

Editor: Wang Shidan | Reviewer: Li Zhen | Supervisor: Guzheng