> Thinking a 5% drop in one day is a big deal is recency bias

In the past 5 years the S&P 500 has dropped 5% 1 time. the Nasdaq has done it 3 times.

You are ofcourse welcome to your own definition of a big deal but to me something that happens that rarely is a big deal.

At worst you'd have to agree that hte language is defensible:)