Investors question valuations as U.S. stocks fall for the fourth consecutive day.

[Investors question valuations, US stocks fall for the fourth consecutive day] US stocks fell for the fourth consecutive day, as investors questioned high valuations ahead of a wave of retail earnings reports and an upcoming Central Bank annual meeting. The S&P 500 index dropped 0.7%, and the Nasdaq fell over 1%. "Compared to fundamentals, stock valuations are expensive," said Howard Marks, co-chairman of Oaktree Capital Management, in an interview. "The market hasn't seen a serious correction in 16 years, and people are gradually getting used to not considering market corrections." Apollo Management Chief Economist Torsten Slok noted in a report on Wednesday: "Consumer spending is under pressure due to reasons including slowing job growth, the resumption of student loan repayments, and an increase in eviction rates leading to a reduced consumer base."