Stocks are facing several issues on Wednesday.
Reports that Larry Kudlow will be appointed National Economic Council director are certainly a positive for those who believe the CNBC contributor would be a moderating influence on President Donald Trump, but they are not moving the stock market. That's a sign that traders are not convinced that the appointment would represent a major change in trade policy.
Concerns about economic growth along with quarter-end profit taking are suddenly emerging to spook traders.
Stocks have risen because of the prevailing paradigm of continuing global growth, record earnings and increased buybacks brought on by tax cuts and repatriation.
Anything that attacks this paradigm is a problem for the markets, particularly since stocks are again within 3 percent of their historic highs.
On Wednesday, we see: