For nearly a decade, analysts have been considering where the next market downturn will come from and when it will strike. But with the Dow Jones Industrial Average’s 800-point drop on Oct. 10, 2018, some asset managers are wondering whether it’s already begun.

Amid the uneasiness, Sun Life Global Investment Management is pointing to a number of clouds on the economic horizon as the causes for the index’s correction. “Certainly, there are a number of issues facing investors, including a hawkish U.S. Federal Reserve Board, which seems determined to raise interest rates at a steady (some say rapid) pace,” the note read. “And while significantly higher interest rates are a threat to equities, investors also appear concerned by the trade war between the U.S. and China.”

While Sun Life stressed it doesn’t see a recession on the horizon, it has changed its outlook on equities to neutral. BlackRock, however, is still maintaining its preference for equities over fixed income, in a recent commentary, though it also noted the need to focus on portfolio resilience in a more challenging market.

This article originally appeared on CIR’s companion site, Benefitscanada.com. Read the full story here.