I think one of the key things here is that those prices are denominated in dollars. If the real value of dollars falls, so does the value of those equities. If the nominal price falls, and the unit of measurement is falling at the same time, the actual value of represented has fallen more (potentially a lot more) than it seems like at first glance. There’s been a lot of inflation over the past couple of years, and it’s likely that this period will contribute even further.

I also think that the uncertainty hasn’t been fully priced in yet. I think that traders are hoping that this all blows over.