The recent optimism on Wall Street dissipated early Thursday as companies continued to reassess their financial outlooks due to uncertainty over U.S. President Donald Trump's on-again-off-again tariff policies.

They say no bad news is good news. For Wall Street, on certain days, no news is also good news. Futures market are in the green after the S&P 500 and Nasdaq gained for the third day in a row. The Dow Jones also ended 500 points higher in regular trading on Thursday.

Yeah, there are some stocks of great companies beaten down by the tariff tantrums that look cheap, but overall the market faces a huge problem of being overvalued.