I'm seeing 3% CDs! Seriously though, this is not investment advice, just what I play around with for fun. The bulk of my portfolio is indexed as you mention(mutual funds and ETFs.) By MSCI, I assume you mean one of their international weightings indexes like EAFE.
December has been a roller coaster ride. I sidestepped a lot of the losses this time round but am scrambling to keep up with the whoosh going back up. Move to DWDP did not do super great. Not sure if I should follow the whoosh but some economic fundamentals at a high level seem okay, some regions are showing stress(Richmond Fed Factory Gauge Falls Most Ever as Shipments Drop
https://www.bloomberg.com/news/artic...-all-forecasts). Whether they indicate longer trends is the question.
FAANG - Facebook, Amazon, Apple, Netflix, Google has largely played out momentum wise, parts of it are of interest still, particularly those with cloud exposure(AMZN, GOOGL) in that they supply cloud capabilities to others. Other cloud names of interest might include Adobe(ADBE), Salesforce(CRM), ServiceNow (NOW), Workday(WDAY) with more speculative names like Splunk (SPLK) and Okta(OKTA). Another more household name to play this would be Microsoft (MSFT) which also pays a dividend. I've heard a couple pitches for IBM recently as they are buying Red Hat, I'm intrigued but haven't done the work yet.
Away from tech, financials may be treacherous, the Fed guidance on still having two rate hikes next year is what exacerbated the most recent drop, it sounds tone deaf(see prior Bloomberg article). I'm also looking at international in particular emerging markets non-China which really means Brazil and Pacific Rim opportunities. Traditional mutual funds are still some of the better ways to go after that.
Finally, FWIW, I sold my JNJ exposure the day of the Reuters article but am subsuquently moving back in(at lower prices than I paid for it). The science is mixed with the FDA accepted testing indicating no asbestos. Other tests may indicate something. Of note was an interview a few days after the Reuters article with one of the trial lawyers:
https://www.cnbc.com/2018/12/18/atto...-purposes.html I'll let you interpret it how you would like, as for me I'm going back in the stock.
So, just a few ideas to think about, overall you shouldn't be reacting if your asset allocation is done properly. Just keep on adding to it periodically to take advantage of the market fluctuations.