ANALYST VIEW -Nasdaq confirms correction while S&P and Dow erase 2018 gain

NEW YORK, Oct 24 (Reuters) - U.S. stocks tumbled again on Wednesday, confirming a correction for the Nasdaq and erasing the Dow and S&P 500's gains for the year, as disappointing forecasts from chipmakers and weak home sales data fueled worries about economic and profit growth.

STORY

COMMENTS:

MICHAEL PURVES, CHIEF GLOBAL STRATEGIST AT WEEDEN & CO

"The market pricing is not an indictment of the earnings stream. What it is, is that the market is requesting lower multiples because the visibility and uncertainty with respect to earnings is not what it used to be. There is a higher uncertainty factor looking into 2019."

PETER JANKOVSKIS, CO-CHIEF INVESTMENT OFFICER AT OAKBROOK INVESTMENTS LLC IN LISLE, ILLINOIS

"The industrial stocks that reported, Caterpillar and 3M, continue to be weighing on people. That suggests the Fed is going to be on track to keep raising rates. Obviously rising costs have an impact on profits.

"We started this year with a strong rally in January. The market gave up those gains and we're experiencing another drop off. The thing to keep an eye on is that the economy is still strong. We expect the economy to continue to grow. If that's the case it will down the line justify additional gains in the stock market."

TIM GHRISKEY, CHIEF INVESTMENT STRATEGIST AT INVERNESS COUNSEL IN NEW YORK

(Today) was pretty ugly. Obviously a number of things going on here. Yesterdays rebound, the market climbed back, it was a little bit misguided. Today reflected more of the evolving tone of this market. That 3M earnings report was scary. That was yesterdays news but I dont think it was properly digested. You see some systematic selling, especially on the downside. Some fundamental selling causes the computers to kick it and whether its trend following or volatility following it exacerbates the downside in the market."

PAUL ZEMSKY, CHIEF INVESTMENT OFFICER, MULTI-ASSET STRATEGIES AND SOLUTIONS AT VOYA INVESTMENT MANAGEMENT IN NEW YORK:

"It's a big global risk-off trade. We've had some headwinds - higher interest rates affecting housing, tariffs causing input costs for manufacturers to go up, which makes earnings look not as stellar But that doesn't mean the whole economy is rolling over.

CHRIS ZACCARELLI, CHIEF INVESTMENT OFFICER, INDEPENDENT ADVISOR ALLIANCE, CHARLOTTE, NC

"At this point it seems selling is begetting selling. The VIX has doubled in the last couple of weeks. There's a bit more fear in the air and you're seeing the acceleration of growth to value.

"It looks like more panic and fear as the selling has continued to roll."

When I try to look at what might be a bottom is when you see the VIX really spike. If you look in February. It had a high of 37 I'm reticent to call the bottom right now."

"We're still in correction territory. There's negative sentiment and fear in the air but I'm not ready to rotate to utilities and consumer staples. The economy still looks pretty strong."