Eric J. Galewas a leading American jazz and session guitarist... (wikipedia)
Let's face it. It's obviously a time for caution. People are a bit quieter and taking things a bit slower.
The red ink in the market is no more than expected.
I don't think the market is terribly worried about inflation but there is an expectation that corporate profits might just struggle a little more.
The market is still recovering from a pretty strong close to June.