I would love to know what percent of stock market decisions are meta-decisions. In other words, most discussion of the market discuss it in idealized terms - as

I would love to know what percent of stock market decisions are meta-decisions. In other words, most discussion of the market discuss it in idealized terms - as if it's largely made up of rational actors making long-term decisions - but it doesn't seem like that's the driving force for market swings. It seems more like it's a bunch of people trading speculatively on how a collection of rational actors should react to news.