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Market Dominoes Keep Falling

After yesterday’s bounce, we’re seeing another bad day for the market. When I started writing this, the S&P 500 was down another 2 percent. The proximate cause here seems to be slower-than-expected revenue growth in two bellwether tech companies, Google and Amazon. They are down significantly more than the market as a whole, although the damage is widespread. Looking at the results, I think we can start to see much of what is driving this pullback. Although a fundamental factor—the spike in longer-term interest rates—set off this recent spate of volatility, it has morphed into something general. Even as rates have dropped back, the decline has continued and worsened, indicating that somethin

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