Bank stocks had a banner 2024, following a dismal two years, because of the Federal Reserve’s change in interest-rate policy as inflation declined. But the banks have recently pulled back. And the surprising movement in the bond market underscores investors’ inability to predict the direction of interest rates.

Market volatility gauges are trading at the highest levels of the year, suggesting near-term uncertainty is deeply imbedded in U.S. stock indices.

The U.S. stiock market has dropped considerably over the last week amid concerns over the impacts of President Donald Trump's proposed tariffs.