“We’re moving from a hope-based market, which got us over 3000 [in the S&P 500]….to more the ‘show me’ market,” Brad McMillan, chief investment officer for Commonwealth Financial Network, told the Wall Street Journal.

Further weighing on the markets, President Donald Trump said there was a long way before coming to a trade agreement with China and threatened to put tariffs on another $325 billion in Chinese goods.

“No face-to-face meetings have even been scheduled,” Donald Straszheim, head of Evercore ISI’s China research team, said in a note, according to CNBC. “Trade progress has been in reverse. The two sides are further apart now than in Nov-Dec 2018.”

“A combination of substantial steps, partial actions and empty words which will be a relief but far from a final resolution of what has morphed from trade war to a ‘stop the China rise’ cold war,” Straszheim added.

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