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The New York Stock Exchange, on Wall Street
The Dow Jones industrial average closed 33.08 points lower at 22,085.34 and the S&P 500 closed 0.24 percent lower at 2,474.92.
“Investors are on autopilot. They have been on autopilot,” said Dani Hughes, pointing to the large shift from active investing to passive investing.
“It’s complacency squared because investors not only won’t do anything about it, they kind of can’t do anything about it. There’s no way that you’re going to outgun any of the systematics that will take place … when something really does occur,” the CEO of Divine Capital Markets told “Closing Bell.”
Yoshimami believes part of that complacency stems from the fact that investors have short-term memories.
“Investors, I think in large part, have forgotten what it’s like to have a downturn. When you start seeing money pouring in 100 percent equity ETFs sort of assets, people don’t remember that the S&P was down 50 percent during the financial crisis.”
—CNBC’s Fred Imbert contributed to this report.