I think it is the economic data that matters more.
The problem is compounded by negative economic news world wide, with many nations reporting economic slumps and instituting negative interest rates. That is official admission of deflation and an attempt to spur people into spending to try to stave it off. And deflation means weakening demand, downward economic trend.
Business Insider did a report that the actual inflation rate of what people spend most money on (rent/mortgage, food, medical care, education) is 3% a year instead of the fed's 2% a year. If actual inflation is one point higher while wages are flat, you lose 1% spending power each year - an economic squeeze box. So we're in deflation, too, it has just been hidden for the past eight years by lots of bailouts and government borrowing to prop up spending to try to prevent deflation. They stopped printing money, now the deflation is clearly evident in the US.
Official wages are 10% lower than they were 20 years ago due to outsourcing of jobs and competition with legal and illegal immigration. And Obama is still letting Syrian immigrants who will rely on welfare the way Somalis from the 1990s still do, and they are still giving immigration waivers to "unaccompanied minors" from central America showing up - raising competition for jobs while draining welfare coffers.
When the bad economic and political policies are failing but being kept up by the regime, and it is so bad the official data can't hide it anymore, of course the markets will go down.