The high level of uncertainty in global markets will almost certainly continue to drive stocks down. This could repeat their performance during the pandemic of a 37% fall. US earnings season begins with banks this week. Companies' earnings are likely to be downgraded. They're also likely to limit spending and headcount. All this is bad news for share price performance. The economic outlook is also dimming, which will affect consumption. And the options market indicates investors expect more downside ahead.

Securities mentioned include Exxon Mobil, JP Morgan, Wells Fargo, Morgan Stanley, Goldman Sachs, Netflix, CrowdStrike, Tesla, Nvidia, Apple, Amazon.com, Bank of America, Citigroup