Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox.
Two-thirds of the stock market has tumbled into a correction — and that could be signaling that the worst is yet to come
While the benchmark S&P 500 has fallen nearly 5% over the past week, the damage is actually much more widespread. Two-thirds of the stocks in the index are actually down more than 10% from their recent highs, which means they meet the traditional definition of a correction, according to analysis from CNBC.
CNBC also found that, as of Wednesday's market close, 142 stocks in the S&P 500 were in a bear market — meaning they'd dropped 20% from recent peaks. That's 28% of the index.
Stocks are sliding after Wall Street's worst day in 8 months
Wall Street continued to slide in midday trading Thursday after initially finding some relief in tamer-than-expected inflation data, a day after worries about rising rates and trade tensions sparked a sharp sell-off in global markets.
After suffering its steepest drop since February in the previous session, the Dow Jones industrial average was down about 100 points around 1 p.m. ET. Trading below its 200-day moving average, the S&P 500 shed 0.4% and was on track to extend its longest losing streak since the 2016 election. The Nasdaq Composite recovered slightly, up 0.3%, on the heels of its worst day since the Brexit referendum.
There’s a mismatch at big US investment firms on the importance of AI, and it could highlight a level of ‘complacency’
Everyone's talking about artificial intelligence — but big US investment funds aren't yet keen to try it out, according to a new study.
About 71% of US-based firms are not currently testing or considering how AI and advanced analytics can be applied to their investments, said a Fidelity survey of over 900 institutional investors published on Thursday. However, a similar percentage of US investors agreed that AI and technological advances will augment humans' traditional investment roles by 2025.
The results show that even though artificial intelligence is touted for its potential to transform the workplace, many big US firms are slow to embrace the technology in their day-to-day.
Complacency with the status-quo could be one reason, said Jeff Mitchell, chief investment officer of Fidelity's institutional asset management arm.
In markets news
- 'The 4 horsemen of the apocalypse': What Wall Street's biggest firms are telling clients about the stock market's sell-off