Investors are still nervous about COVID and inflation, plus new issues including the debt ceiling debate and a possibility of an Evergrande default in China. For instance, I measured the correlation between the SPDR S&P 500 ETF (NYSEARCA:SPY) and the iShares MSCI EAFE ETF (NYSEARCA:EFA), which measures the international stock market. EFA is 85% correlated to SPY.