Well sort of, yes.
We are in a period of rising profits. I do not think that the market is overvalued at all (not counting real estate). We have not had a bull market in uhhh... 8 years or so. Believe me, we are due for some good news.
I think mostly the market was getting used to the idea that the fed would relax rates for the elections. This is highly disappointing and the market hates to be disappointed.