It hasn’t been a good week for U.S. stock markets.

On Wednesday and Thursday, the Dow Jones Industrial Average dropped by more than 1,000 points combined — leading many to wonder whether the long-running bull market is on the wane.

Is it because of the Federal Reserve raising certain rates? Is there concern about the U.S.-China trade war expanding to the economy more generally?

Philip Levy, senior fellow on the global economy at The Chicago Council on Global Affairs and an adjunct professor at Northwestern University, joined The Show to consider those possibilities.