NORTH DAKOTA ( KXNET ) — Stocks recently took a tumble as concerns grew over the economic impact of tariffs.

The benchmark S&P 500 was able to avoid correction territory, and ended down 0.76%, which was up from a daily low. The Dow Jones Industrial Average dipped 1.14%, and the Nasdaq fell 0.18%.

Investment strategists say that this dip isn’t a reason for people of all ages with retirement accounts — 401(k)s — to panic.

“The people who would be hurt by (the stock market dip) are the emotional ones who are likely to do something irrational,” explained Chief Investment Strategist at CFRA Research, Sam Stovall. “That could be somebody at any age.”

These growing concerns have investors feeling jittery, and surveys have shown consumers are feeling less optimistic — even retailers have warned that people may pull back on spending.

The dip happened after President Trump declined to rule out a recession this year, and it continued the next day after Trump said he’d double U.S. tariffs on steel and aluminum from Canada, but he quickly changed course that evening.

But according to Stovall, how long the selloff lasts will depend on the tariff plans.

“Should the president decide that we’ve gotten enough concessions from our trading partners, then I think the market would experience a sharp rebound,” Stovall said. “But the longer the trade disputes linger, the deeper the market will eventually fall.”

For younger Americans who are just now building their 401(k), selloffs are “wonderful opportunities,” according to Chief Market Strategist at Carson Group, Ryan Detrick.

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“They say the stock market’s the only place where things go on sale, yet everyone runs out of the store screaming,” he said. But, “for longer-term investors, it’s important to remember: scary headlines and volatility happen every single year. And the truth is, 2025 is not any different.”

This means, Stovall said, that younger Americans should stay the course with their investments and take advantage of their company offering a 401(k) match.

For people getting close to retirement, Stovall said there’s still time to make up for any lost ground, especially since the market tends to bounce back quickly.

A historical analysis from CFRA showed that as long as the market doesn’t fall 20% or more, it takes about four months to recover.

“Don’t let your emotions become your portfolio’s worst enemy,” warned Stovall. “The only way to lose money is by selling what is down.”

And Detrick added that older Americans should have a diversified portfolio that can weather selloffs.

“For someone closer to retirement, diversification is your friend,” Detrick explained. “To have some gold, to have some bonds, to have some cash, to have some stocks… that should be what they’re thinking about right now.”

The Senior Investment Strategist at U.S. Bank, Tom Hainlin, said that people should make sure they have enough cash for short-term needs, and then focus on having the right asset allocation for long-term goals.

“So that’s the right mix of cash, stocks, bonds, real estate, or what have you,” he said. “We think as long as you have those correct, then you can endure these periods of market volatility.”

It’s said that this dip happened as the Trump administration downsized the federal workforce.

And if the dip will make federal workers hesitant to retire, White House Press Secretary Karoline Leavitt said, “There’s great indication to be optimistic about where the economy stands.”

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