A misinterpreted Fox News interview clip, amplified by financial accounts on X, sent U.S. markets into a brief frenzy Monday morning after users falsely claimed the Trump administration was considering a “90-day pause in tariffs.”
The unfounded headline quickly gained traction after being reposted by the widely followed “Walter Bloomberg” account. By the time reputable news outlets like CNBC and Reuters echoed the false claim—later retracted—markets had already reacted.
Brett Bernstein, CEO and Co-founder of XML Financial Group, said the event was an unsettling reminder of how fast misinformation can ripple across markets in the digital age.
“Yeah, I look. I love that there's a dissemination of information quickly. And as much as I love it, I hate it because of exactly what you said,” Bernstein said. He recalled a similar incident back in 2017, when misleading rumors about mass layoffs in D.C. during President Trump’s inauguration circulated widely online and fueled panic.
“There were so many houses on the market in the DC metro area, more than they've ever seen,” he said. “And a prominent realtor posted online the actual MLS listings looking like every January. Basically, no more. It was people posting fake news and scaring people.”
While acknowledging the importance of free speech, Bernstein warned that the speed and scale of today’s information-sharing demands a more critical approach from both the public and market participants.
“Just because someone who has a quarter million followers on X or YouTube or wherever it is says that it's true... you still need to go to reputable news sources and try to look at the articles,” he said. “I'm not here to say a left or a right publication is better or worse than the other, but people really need to look at the news.”
Bernstein added that until stories are corroborated, “You almost have to take almost all news today—not as fake—but not validated.”
While the market eventually corrected, the chain of events revealed how quickly a poorly sourced headline, especially one amplified by credible-seeming platforms, can drive investor decision-making in real time.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
