Obviously if it keeps going down, that’s bad. But it looks like it’s at a support level and still much, much higher than it was 5 years ago. (Using SP500 as a proxy for the market at large)
In: Economics
People/firms decided that it’s time to cash out profits and also need to rebalance their portfolios. Both require cashing out positions and hence bringing the market down.
Also different economic situation requires different sets of contracts for derivatives so a lot of adjustments based on that as well.
No one at the big investment firms are panicking.
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