Stock market news today October 11

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Two-thirds of the stock market has tumbled into a
correction — and that could be signaling that the worst is yet to
come

The stock
market sell-off has everyone’s attention as
it rips through multiple regions
worldwide, spilling into risk
assets of all sorts.

But it may actually be worse than it seems on the surface.

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