If stagflation takes hold in the year’s second half, earnings estimates may fall, threatening the market’s currently lofty valuation, says one strategist. Plus, investor newsletter commentary about silver,

Earlier this week, falling bond yields and growing expectations for aggressive Federal Reserve interest-rate cuts in the months ahead helped spark a rotation away from what had been working in the U.S.

Futures on the Dow Jones Industrial Average (DJI) and Nasdaq-100 Index (NDX) are both down triple digits, while S&P 500 Index (SPX) futures sink into the red as well. Elsewhere, weekly jobless claims dropped by 3,000 to 224,000.