Stocks Drop as Key Drivers for Record Highs Undermined

Some of the key drivers that drove stocks to record highs in the first three months of the year are being undermined, leading to Tuesday's sell-off, according to investor James Abate. The S & P 500 dropped nearly 1% while, the Dow Jones Industrial Average shed more than 400 points — on pace for its biggest one-day drop in nearly two months. The Nasdaq Composite was also under pressure, losing 1%.

"Stocks are priced for perfection and for them to move higher or avoid a correction you needed rates to either go down and/or profits to move higher. And both of those pillars have been kicked out from underneath them the past few days," Abate, founder and CIO at Centre Asset Management, told CNBC. Recent economic data such as Monday's ISM manufacturing index release point to persistent inflatio

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