Let’s also not forget, that the economy’s growth depends significantly on a few mega corps, which is not healthy. And those companies are likely overvalued. Berkshire Hathaway dumped Apple shares, Amazon lowered its guidance, and Nvidia - and AI as a whole - is now clearly known to be overhyped. If you remove these companies, what do you have? A stagnant economy with inflation that isn’t under control, reduced employment, and ballooning public debt. Clearly this isn’t a good situation, but America is lucky to have a strong currency and low exposure to global unrest.
I think your latter point that half the population wants the economy to crash for political gain is potentially true but it is equally true that the other half wants to pretend the country is doing well in every single way so Harris will have another talking point. So I am not sure why it is relevant.
But yes, strictly you are right - this isn’t a correction at all.
source: https://www.schwab.com/learn/story/market-correction-what-do....
> the Nasdaq Composite confirmed it was in correction territory after a soft jobs report stoked fears of an oncoming recession
My point was that it was explicitly a correction and officially confirmed as such for some indices, and that the label of “minor” is more of an opinion or spin.
The carry trade was borrowing zero interest rate yen, then investing it in US stocks and other places. When Japan raised interest rates, investors sold their stocks, etc to cover. The other assets of carry trade also dropped at same time so not just US stocks.
The market may be weak, but the drop was from Japan.
Everywhere else (on social media) the response is quite tepid, mostly focused on Japan.