In the context of stock markets, "the tail wags the dog" means that a failure of the stock market can drag down the entire economy.

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"The tail wags the dog" refers to a situation where a smaller or weaker entity is able to exert influence over a larger or stronger one. In the context of stock markets, it means that a downturn in the stock market can have significant ripple effects on the broader economy, indicating that the stock market can "wag the dog" of the wider economy.

In the Context of Stock Markets, "The Tail Wags the Dog