What does the stock sell-off say about the economy?

Strong earnings last week did little to ease investors’ concerns, as the S.&P. 500 briefly nudged into correction territory on Friday. The index is down 9 percent from its peak in September, putting it on track for its worst month since the 2008 financial crisis.

Peter Eavis of DealBook points out that much of the selling behind this rout is in tech stocks, whose soaring stock market valuations left them vulnerable to a sharp sell-off. More telling, he suggests, are bank stocks, which have also slid — and which might also be a better barometer of the wider economy:

A rout helps investors decide what’s worth really worrying about. With the United States economy growing strongly, they may soon decide they’ve been freaking out too much. A sustained upturn in bank stocks may show that their optimism is returning. But if they remain in the doldrums, real trouble may lie ahead.

But there are other reasons to fear an economic stutter. Commerce Department figures released on Friday show that growth of the U.S. gross domestic product has slowed slightly, and some economists told the WSJ that they think it may have passed its peak.

More markets takes: Central banks are no longer cushioning the markets from volatility. Why investors hate everything. And have the markets fallen out of love with President Trump?

Coming up

W.T.O. hears U.S. concerns on Chinese trade. The organization’s dispute resolution body will hear a complaint in Geneva today about Chinese infringements of intellectual property rights. China could block a first hearing but cannot block a second, American officials say.

The Commerce Department releases personal income and spending figures. Economists predict that both grew at a steady pace last month.

Britain announces its final pre-Brexit budget. The chancellor of the Exchequer, Philip Hammond, is expected to warn that tax cuts and higher spending could be put at risk if Britain fails to strike a deal with the E.U. before it exits the bloc.