At first glance, the lowered year-end outlook looks like a pullback. The stock market will likely end the year worse off than the previous estimate, reflecting a more than 4% adjustment, as a diminished GDP outlook weighs on projected corporate profits.

Tariffs will be a headwind to corporate earnings since businesses have only two options: Absorb the cost increases, or pass the cost increases along.

March’s stock market selloff showed no signs of easing Thursday as major indexes closed at their lowest points of the year, sending the S&P 500 into a correction amid intensifying backlash to President Donald Trump’s sweeping tariffs,