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.
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