The Nasdaq lost 4.18% and closed at 25,709.43 for its biggest drop going back to April 2025. The S&P 500 dropped 2.64% and ended at 7,383.74, while the Dow Jones Industrial Average lost 695.15 points, or 1.35%, settling at 50,866.78. The blue-chip index closed at a record Thursday.

The bears have been quiet in the last two years, even though the market is much more frothy by their standards. And at this point, who would want the permabear tag while the rest of the market keeps on climbing ad infinitum?

Indian benchmark indices ended lower after a volatile session on Wednesday, with IT stocks dragging the benchmarks despite strength in banking shares. The Sensex fell 304 points and the Nifty closed below 23,