Markets tumbled on Thursday.
The S&P 500 fell 1.4 percent and the STOXX Europe 600 fell 1.6 percent.
Asia escaped the declines earlier on Thursday though. The MSCI All-Country Asia Pacific Index rose 0.4 percent.
Commodities also fell on Thursday. West Texas Intermediate oil fell 2.8 percent while copper fell 2.4 percent to a six-year low.
US Treasuries rose. The yield on the US 10-year note fell two basis points to 2.32 percent.
Despite the recent pull-back in stocks, many analysts expect to see a year-end rally.
"My inclination is whatever pullback we get out of here, I'm looking for a buying opportunity," John Kosar, chief strategist at Asbury Research, said. "By year-end, we could challenge or exceed the 2015 highs on the S&P 500."
Valuations remain a headwind for US stocks though. Despite the recent market decline, the forward four-quarter P-E ratio remains at a relatively high 16.5.
“With valuations at the high end it becomes difficult to be an aggressive buyer (of stocks) against a backdrop of still-slower revenue and sales growth and a Federal Reserve seemingly intent on a December liftoff,” Quincy Krosby, a market strategist at Prudential Financial, told USA TODAY.
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