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In One Chart: The stock market’s ugly Tuesday nosedive can be explained in one chart

Brace for impact. U.S. stocks tumbled Tuesday and threatening to book their worst loss in October.

What’s behind the sharp drop in equities?

Was it the lackluster earnings by Alcoa Inc. AA, -11.42% to unofficially kick off the start of earnings season for the third quarter? Or was it a retreat in oil tradingCLX6, +0.35% amid lingering concerns about crude producers’ ability to solidify a plan to limit oil production?

While those factors may have contributed to the recent slide, the chart below suggests that the most compelling factor weighing on equities, and for that matter oil, was the steep run-up in the dollar.

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