Also, the Fed's policy making body, the Federal Open Market Committee, began a two-day meeting on Tuesday with an announcement expected on Wednesday afternoon.
Jim Cramer: Repeal of All of the Gains We Are Seeing Makes No Real Sense
"It's becoming clear now. We are starting to repeal the entire stock market gain made from the incredible and unexpected tax reform package that passed last December," writes TheStreet's Jim Cramer.
"Yep, it's as if the whole darned thing never happened and we have to analyze whether that's a correct judgment or is it just fanciful and a real bad call," Cramer adds.
Apple Earnings and Conference Call: What to Expect and the Potential Reaction
The Character of the Market has Undergone a Substantial Shift
Real Money columnist James DePorre says, "Market players enjoyed upside momentum for so long many of them have forgotten that momentum works to the downside also. For years the bears were incapable of generating any sustained downside as dip buyers pounced on weakness."
"That," DePorre says, "is no longer the case."
Join Jim Cramer May 5 for TheStreet's Boot Camp for Investors
- An exclusive market update from Jim.
- A keynote interview between Jim and PayPal CEO Dan Schulman.
- Break-out panels with top market experts like Tony Dwyer, chief market strategist at Canaccord Genuity; Mike Hanson, senior vice president of research at Fisher Investments; and Peter Hug, global trading director with Kitco Metals.
- Roundtable discussions with TheStreet's Carley Garner, Stephen "Sarge" Guilfoyle, Bob Lang and other columnists.