This is definitely scary, but not the end of the world (yet).

The S&P500 is still up ~7% YTD, and 5y CAGR of 9.4% before dividends, in line with historical norms.

This is primarily a decline in tech: week over week, the S&P is -4.5% (SPX), but the S&P excluding tech is +0.1% (SPXT).

Right now, this looks like speculation that tech will reduce capex after Q4 earnings (Nvidia, Micron, Sandisk, AMD all down >2x vs the S&P). But it'll take time to tell; most just announced Q3 a week ago.

All this to say: expect volatility, but no need to panic.*

*(Unless you're in TQQQ. Then panic.)