This is incredible: At least 115 S&P 500 stocks have dropped -7% or more in a single day over the last 8 trading sessions. And yet, the S&P 500 is down just -2% from its all-time high. In the past, when at least 115 stocks saw a decline of -7% or more in an 8-day trading period, the average index drawdown was -34%. The last time this many stocks were hit while the index was still near all-time highs was during the 2000 Dot-Com Bubble. By comparison, in 2008, this threshold was triggered when the index was already in a bear market. Markets are truly in unprecedented times.