DOW DOWN 195

The stock markets are tumbling today.

The Dow’s down 195 points (1.1%), the S&P 500’s down 24 points (1.3%), and the Nasdaq is down 58 points (1.4%).

This comes amid a big rally in Treasury securities where the 10-year yield tumbled to as low as 2.47% earlier today.

“I am nervous,” said hedge fund manager David Tepper. “I think it’s nervous time.”

Tepper spoke at the SALT Conference in Las Vegas on Wednesday evening.

“I think we’re OK,” said Tepper. “But, listen, there’s times to make money and there’s times not to lose money. This is probably you’re supposed to think about preserving some of your money… I think you can still be long, but I think you’re supposed to have some cash now.”

There was a ton of economic data released earlier today. Here’s a quick roundup:

From an economic perspective, the U.S. doesn’t really have much to complain about.

“Our U.S. Enterprise and Commercial are usually a very good indicator of GDP slowly increasing or GDP decreasing, and we saw a turn up in U.S. in Enterprise and Commercial back in summer of 2012,” said Cisco Systems CEO John Chambers. “So, that feels good and you combine that with the CEOs I talked to, most of us feel 2.5%, 3% for the next nine months is very doable number. Not many things to do backflips on, but reasonable progress.”

Markets in Europe are actually doing much worse in the wake of lots of ugly GDP reports.

France’s CAC 40 is down 1.1%, Germany’s DAX is down 1.0%, Spain’s IBEX is down 2.5%, and Italy’s FTSE MIB is down 3.6%.

The Eurozone reported just 0.2% GDP growth in Q1, missing estimates for 0.4% growth. All of the growth is basically coming from Germany, where GDP growth was 0.8% at an annualized pace. This came as France stalled, and Italy and Portugal contracted.

“This is worrying because the assumption that a strong Germany would act as driving force for its weaker neighbours now seems severely challenged,” said Pantheon Macroeconomics’ Claus Vistesen. “Indeed, it would even appear that Germany’s economy, with its large external surplus, to some extent is preventing an even recovery across the eurozone as a whole.”

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