Shares of banks and other financial institutions fell amid fears that a new artificial-intelligence tool from fintech company Altruist would disrupt the wealth-management business.
Shares of financial advisory firms Charles Schwab, LPL Financial, Ameriprise and Raymond James were pummeled, falling by 6% or more.
Altruist claimed its new AI tool could create personalized tax strategies by interpreting financial documents without manual entry. Such scares are becoming more common.
The potential that AI tools could automate legal research had recently weighed on publishers and data firms.
Dallas Federal Reserve President Lorie Logan said she believed the Federal Reserve's interest-rate stance is set well for the risks facing the economy.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
02-10-26 1731ET
