Stock Market Update

[BRIEFING.COM] The indices are off their worst levels but remain well below their respective starting points. There haven't been any other news developments to distract market participants from their focus on tariff issues today, which may be as much of an excuse to do some selling as they are a point of genuine concern.

The point being is that the market has been on an absolute tear since early April and was due for a pullback, saddled with the recognition that it is sporting lofty multiples. At 22.3x forward twelve-month earnings, the market cap-weighted S&P 500 is trading at a 20% premium to its 10-year average, according to FactSet.

The valuation concern is perhaps clashing with the added understanding that September has been the worst month, historically, for the stock market since 1928. Accordingly, some participants might be fearing a seasonality trade and taking some precautions by lightening up on positions in the event this September has an unruly streak about it.