Here’s what’s been happening on Wall Street overnight

Photo: John Moore/ Getty Images

Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox.

The topsy-turvy ride US stocks are on right now doesn’t simply mark the return of equity volatility. It could also be signalling the beginning of the end of the nine-year bull market.

So says Bank of America Merrill Lynch, which argues the uptick in volatility is characteristic of a late-cycle environment – the type that normally precedes significant equity losses. The firm has surveyed more than 200 fund managers overseeing $US579 billion, of which a record 74% say the global economy is in the latter part of its cycle.

And if there was any doubt that price swings were back in a big way, the past few trading sessions have put that to rest. The benchmark S&P 500 moved more than 2% for three straight days– two down, and one up – through Monday, the longest such streak since August 2015. Then, on Tuesday, the index dropped more than 1.7%, erasing much of the progress made to start the week.

Today the S&P 500 is up 0.3%, but that doesn’t tell the whole story, with Amazon, Tesla and Netflix down sharply. Here’s the latest:

In finance news, there’s been a big shakeup in UBS’ giant wealth management business. And top investors were asked to rate Wall Street’s CEOs – here’s how Jamie Dimon, Lloyd Blankfein and James Gorman stack up.

Lastly, US economic growth was revised higher in the 4th quarter on stronger consumer spending.