US stock market tumbles again as Trump threatens tariffs on wine

That's pretty good news in terms of inflation but the problem is, you have a trade war that's expanding,

said Peter Cardillo of Spartan Capital Securities

The only problem is we don't know exactly how long it will go,

Stovall said

In only a few weeks, the broader market has gone from record highs to correction territory,

said Adam Turnquist, chief technical strategist for LPL Financial

There's still a lot of uncertainty concerning the economy,

said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana

And you’re seeing it most acutely in some of the more sensitive areas of the market like the fairly inflated Magnificent 7,

Dickson added

I think what markets are telling us is that they are very concerned about the potential for a recession,

said Kristina Hooper, chief global market strategist at Invesco

With policy uncertainty extraordinarily elevated, the U.S. economy has already begun to be negatively impacted,

Seema Shah, chief global strategist at Principal Asset Management, said in a note to clients Thursday

Speculative assets have been sliding not because investors have determined the true cost of tariffs, but instead because the marketplace has suffered one of its periodic bouts of risk on, risk off,

John Rekenthaler, a markets commentator and former vice president at the Morningstar investment firm, wrote in a recent column

I’m not concerned about a little bit of volatility over three weeks,

he said on CNBC’s “Squawk on the Street.”

In response to the now heightened risk of stagflation, we are lowering our S&P 500 valuation expectations and year-end price targets,

Yardeni said

I think in the next eight to 12 weeks, the data cycle here in the U.S. is going to be very important,

Morgan Stanley's Khanduja said

The market today, from our assessment, especially the fixed income credit market, is not pricing in significant policy downside from here,

Vishal Khanduja, head of broad markets fixed income at Morgan Stanley Investment Management

More clarity from the fiscal policy side would be critically helpful,

Morgan Stanley's Khanduja said

Trends that would suggest a cold economy and hot inflation are still in the early stages, but uncertainty remains high,

according to Phil Segner, senior research analyst at Leuthold

It has dawned on Wall Street (and us!) that President Trump's tariffs aren't negotiating chips to help the U.S. lower tariffs around the world, promoting free trade,

Yardeni said in a note to clients Thursday

If tariffs stick, the one-time price increase and uncertainty regarding its impact on inflation expectations are likely to be enough to keep the FOMC on pause,

he said, referring to the policy-setting arm of the U.S. Federal Reserve

Today is a difficult day for Canada and the industry because of these unjustified tariffs that have been put on,

Carney said Wednesday

We firmly believe that in a world fraught with geopolitical and economic uncertainties, it is not in our common interest to burden our economies with tariffs,

she said

While we're very supportive of their efforts to improve the industry as well as strengthen U.S. manufacturing jobs, we do see that there could be some harm from the tariffs,

Alcoa Chief Financial Officer Molly Beerman said at a JPMorgan industry conference on Wednesday

The U.S. exceptionalism trade has been experiencing turbulence over the last two weeks as policy uncertainty rose sharply at a time of a budding growth scare and crowded investor positioning,

said JPMorgan analyst Dubravko Lakos-Bujas