You're saying that U.S. equities suffered a sharp decline on Thursday, but it’s similar to past pullbacks? Jack Caffrey, Portfolio Manager for Equities at J.P. Morgan Asset Management, told CNBC that after the election, markets initially rose before correcting, and over the past six weeks, capital has been rotating from mega-cap stocks into other equities. But Thursday was different: more than 400 stocks in the S&P 500 were sold off simultaneously. He believes that current market movements are now being driven more by risk managers and margin call operators than by portfolio managers. However, he also noted that one or two pullbacks in the Nasdaq per year are normal. Corporate order backlogs remain strong, extending 12 to 24 months into the future, and the long-term earnings thesis still holds. In his view, this is most likely “just like before.”