Markets fell on Tuesday.
The S&P 500 fell 0.9 percent as US crude oil plunged 2.5 percent.
Elsewhere, the STOXX Europe 600 fell 1.7 percent and the Hang Seng Index plunged 1.9 percent.
“Our clients are very edgy, they’re nervous,” said Scott Wren, senior global equity strategist at Wells Fargo Investment Institute.
“There’s no real reason at the moment for the market to be making new highs,” said Kenny Polcari, director at brokerage O’Neil Securities.
“What we need is earnings growth and earnings surprises,” said John Bailer, portfolio manager at the Boston Company Asset Management.
Among the few gainers on Tuesday was the Shanghai Composite Index, which jumped 1.8 percent even as the China manufacturing PMI by Caixin fell 0.3 in April to 49.4, the 14th consecutive month of decline.