Nvidia endured a sharp and unsettling 8% reversal today, and when combined with Bitcoin’s continued slide, the pressure spread quickly across the broader market. By the close, the S&P 500 had fallen 3.5% from its intraday high, marking a swift and sizable retreat.

Within the Fab 7, only Apple and Alphabet have avoided double-digit declines from their recent highs. The rest have already fallen double-digits, with several either in or nearing bear-market territory—a drop of 20 percent or more.

No one can foresee what comes next, but the speed and severity of today’s reversal invite a moment of reflection. For some investors, the abrupt shift echoes the unsettling tone of the 2018 “Nightmare Before Christmas” bear market. That episode only finally came to an end on Christmas Eve, when Fed Chairman Jay Powell—after months of relentless pressure from President Trump—stepped back and began to ease up on monetary policy, effectively marking the capitulation that turned the tide.