LIVE MARKETS-AI learns the law, markets learn to worry

ReutersFeb 9, 2026 2:56 PM

Nasdaq up slightly, S&P 500 slips, Dow dips
Cons Disc weakest S&P 500 sector; Tech leads gainers
Euro STOXX 600 index up ~0.2%
Dollar falls ~0.7%; bitcoin down >2%; crude gains; gold up >1%
US 10-Year Treasury yield edges up to ~4.22%

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AI LEARNS THE LAW, MARKETS LEARN TO WORRY

Anthropic's new legal tool for Claude AI not only rattled AI-bubble nerves but also cast a shadow over global economies heavily reliant on the export of telecommunications, computer, and information services (ICT), according to Standard Chartered.

For Ireland and India - economies particularly exposed to potential software export slowdown, even a 10% reduction in exports could lower their GDP growth by 1 percentage point each, Standard Chartered said in a note.

"Even a smaller share of the workforce in impacted sectors would translate into significant absolute layoffs for the more populous EM economies like India (where about 5.5 million people are employed in the ICT sector)," said Madhur Jha, global economist and head of thematic research at Standard Chartered.

Top software exporters Tata Consultancy Services TCS.NS, Infosys INFY.NS, HCLTech HCLT.NS, and Tech Mahindra TEML.NS lost between 5.8% and 8.1% last week at the peak of the selloff.

U.S. AI developer Anthropic launched plug-ins for its Claude Cowork agent that would automate tasks across legal, sales, marketing and data analysis.

The launch revived fears that increasingly capable AI tools could dent demand for traditional software, compress margins and cost jobs, triggering a deep selloff in global software stocks.

The S&P 500 software and services index .SPLRCIS has fallen 7.5% as of last week and has seen around $1 trillion in market value evaporate since January 28.

(Kanchana Chakravarty)

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