Sinking on Cinco de Mayo

WSJ graphic: the peak was yesterday's close

As of 10 a.m. PDT the stock market has given back all yesterday's gains (which were posted about below):

“The market yesterday was a relief rally,” said Seema Shah, chief strategist at Principal Global Investors. By Thursday, she said, the realities of a more challenging environment for stocks were starting to settle in.

Using a cliché--with expletives if you desire--is warranted: what goes up must come down, the market giveth and the market taketh away, etc.

Before Chairman Powell spoke yesterday, the outlook was gloomy but IMHO not apocalyptic. We're just back to where it was.