David Rosenberg, chief strategist at Gluskin Sheff & Associates Inc., warns that “all of a sudden, the stock market is back into corrective mode.”

He offered these 10 reasons for why markets are taking:

• Oil prices are still going nowhere.
• Gold fell to a five-year low, and copper to a six-year low on Thursday.
• Markets are getting worried about global growth and deflation again.
• The Fed is talking more bluntly about raising rates in December.
• Higher wages are cutting into profit margins.
• “Bellwethers” like Macy’s, Nordstrom, and Cisco are reporting weak earnings and guidance on revenues.
• Retailers are expecting soft consumer spending this holiday season, despite higher wages and savings from low gas prices.
• China continues to slow. Eurozone GDP grew only 0.3% quarter-on-quarter in Q3.
• High yield corporate bond yields are rising and spreads are widening, as concerns about energy-related defaults increase.
• Both Democrats and Republicans are hating on Wall Street more and more these days.

Meanwhile, weaker-than-expected retail sales data added to concerns that growth remains uneven as policy makers consider raising interest rates as soon as next month.

“The takeaway from today’s retail data is more concern about the pace and magnitude of any Fed rate hike cycle on a still uneven growth experience in the economy,” Eric Wiegand, senior portfolio manager at the Private Client Reserve of US Bank in New York, told Bloomberg.

“There was continued strength in the labor market, which is giving the Fed confidence to raise. But there’s softness with data beyond that and without oil moving meaningfully higher suggests we won’t see commodity price pressures.”

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