At the worst of it, at least so far, the S&P 500 was down roughly 9% from its record set last month. Such drops are regular occurrences on Wall Street, and 'corrections' of 10% happen roughly every year or two.
The market's swings look more like a 'positioning-driven crash' driven by too many investors piling into similar trades and then exiting them together, rather than the start of a long-term downward market caused by a recession.
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