According to Edward Dowd, the $SPX stock market is influenced by earnings growth and multiple expansion, but recent policy actions, such as tariffs and price controls implemented by the President, are increasing market uncertainty and negatively impacting valuation multiples (source: @DowdEdward, May 12, 2025). For traders, this heightened uncertainty may trigger volatility in $SPX and related indices, pushing investors to seek alternative assets like Bitcoin and Ethereum as safe havens. Crypto markets could experience increased inflows as traditional equities face valuation headwinds, making digital assets more attractive for portfolio diversification (source: @DowdEdward).