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A screen above the trading floor of the New York Stock Exchange. Photo: Richard Drew / AP

Today is the 30th anniversary of Oct. 19, 1987, the "biggest single-day stock market collapse in history — a 23 percent drop" that "rendered once-trusted ideas useless and redefined the financial landscape for market professionals," Bloomberg recalls.

Why it matters: "Black Monday ... is part of financial history's fossil record, a divide between old and new markets. It was the first significant instance of computer-driven trading run amok."

The Dow Jones passed another record yesterday, but the markets are flashing red lights at a correction is coming, per a Wall Street Journal front-pager:

  • "Many investors are concerned that the steady rise in U.S. indexes has left shares looking expensive. They also recently have grappled with elevated tensions between the U.S. and North Korea, hurricane-related disruptions to the economy and signals that the Federal Reserve is planning to raise interest rates further and wind down its unprecedented asset-purchase program."
  • The Trump bump: "The S&P 500 hasn't suffered a daily pullback of 3% or more since Nov. 4, the longest stretch without a decline of that magnitude since the mid-1990s. So far this year the Dow has surged 17%, compared with the S&P 500's 14% rise."
  • Why it matters: "Some investors worry that means stocks are overdue for a substantial selloff."

Go deeper

1 hour ago - World

China and Russia vaccinate the world — for now

Illustration: Aïda Amer/Axios

While the U.S. and Europe focus on vaccinating their own populations, China and Russia are sending millions of COVID-19 vaccine doses to countries around the world.

Why it matters: China's double success in controlling its domestic outbreak and producing several viable vaccines has allowed it to focus on providing doses abroad — an effort that could help to save lives across several continents.

Ina Fried, author of Login
1 hour ago - Technology

Report: China will dominate AI unless U.S. invests more

Photo illustration: Axios Visuals. Photo: Krisztian Bocsi/Bloomberg via Getty Images

The U.S., which once had a dominant head start in artificial intelligence, now has just a few year's lead on China and risks being overtaken unless government steps in, according to a new report to Congress and the White House.

Why it matters: Former Google CEO Eric Schmidt, who chaired the committee that issued the report, tells Axios that the U.S. risks dire consequences if it fails to both invest in key technologies and fully integrate AI into the military.

Americans agree about more issues than they realize

Data: Populace Inc.; Chart: Michelle McGhee/Axios

Many Americans assume the rest of the country doesn't share their political and policy priorities — but they're often wrong, according to new polling by Populace, first seen by Axios.

Why it matters: The polling reveals that despite growing political polarization, Americans share similar long-term goals and priorities for the country.