(New York)

Yesterday was a full-on panic in markets. Shares plunged across the board from a broad mix of worries about rates, earnings, the economy, and trade war. The Nasdaq was hit hardest, falling 4.4% into correction territory. Losses in the Dow and S&P 500 were enough to eliminate all gains for the year. Earnings have continued to be strong, but it has not helped support stocks much, if at all. The S&P 500 is now 9.4% off its 52-week high.

FINSUM: Our own view on stocks is that this will be a temporary hiccup and equities will steady themselves soon. Given that earnings growth is strong and the economy is still very healthy, it is hard to imagine a bear market starting.