The Dow dropped 650 points, or 2.5%, on Friday despite a strong jobs report that showed wage growth is finally starting to pick up. That's great news for workers, but it reinforced investors' concern about inflation and the bond market. The sell-off knocked the Dow well below 26,000. Both the Dow and S&P 500 are on track for their biggest weekly drops since early 2016 -- nearly 4% each.
"We've got a smorgasbord of negativity," said Ken Odeluga, market analyst with City Index in London. "It's been pretty nervous all week." Political turmoil is adding to the uncertainty. Market analysts pointed to the clash between the Trump administration and the FBI as another concern.
"There looks like a breakdown of the institutions in our country," said Ian Winer, head of equities at Wedbush Securities. "No matter what side you're on, that's not good." read more
President Donald Trump confirmed late Thursday that he canceled a trip to London next month to help open the new U.S. Embassy there, saying he did not support the project and that former President Barack Obama crafted a "bad deal" to see it built. "Reason I canceled my trip to London is that I am not a big fan of the Obama Administration having sold perhaps the best located and finest embassy in London for 'peanuts,' only to build a new one in an off location for 1.2 billion dollars," Trump tweeted, before continuing: "Bad deal. Wanted me to cut ribbon-NO!" The process to move the embassy actually started during President George W. Bush's tenure. read more
Sex robots could be hijacked by hackers and used to cause harm or even kill people, a cybersecurity expert has warned. Artificial intelligence researchers have consistently warned of the security risks posed by internet-connected robots, with hundreds recently calling on governments to ban weaponized robots. The latest warning comes from a cybersecurity expert who made the prophecy to several U.K. newspapers. "Hackers can hack into a robot or a robotic device and have full control of the connections, arms, legs and other attached tools like in some cases knives or welding devices," Nicholas Patterson, a cybersecurity lecturer at Deakin University in Melbourne, Australia, told the Star. read more