Traders work on the floor of the New York Stock Exchange. Photo: Reuters, Brendan McDermid

This isn’t a market crash–not by any means. We wrote about death by whittling during the past week — first the retail sector, then tech laggards. Today it’s the financials, crushed not only by fading expectations of regulatory reform but by the plunge in interest rates. It’s also semiconductor equipment manufacturers and AMD, down nearly 12% today on weak earnings guidance.

But at least a few big names gained today: Coca-Cola, Proctor and Gamble, and Wal-Mart. It might be the worst day of 2017, but it’s also a 1.6% move down after a major rally. The problem is identifying an event that will turn the market around except for simple bargain-hunting.

Trump’s political enemies smell blood in the water and will keep up the attacks. Remember that Trump won the election by controlling the news cycle; now that news cycle controls him. Not only the Democrats but the McCain wing of the Republican Party will make his life miserable with Congressional hearings, leaks, impeachment talk and so forth.

There’s nothing impeachable in anything Trump has done (at least nothing of which we know), but there’s enough to keep the distraction going until confidence in Trump’s domestic agenda is shredded and the market starts worrying about weak-to-mediocre economic data.