The bears have come out of hibernation, as the markets on Thursday were utterly mauled just one day after major indices reached record highs.

The Dow Jones Industrial Average fell by 807 points, the Nasdaq fell by 598 points, and the S&P 500 fell by 125 points, as of the close of the markets. It is the biggest loss in the equities market in three months, resembling the early days of the pandemic. Bloomberg quoted Nancy Prial, co-chief executive officer at Essex Investment Management, who said that this might be a reckoning for the stock market, which has become increasingly disconnected from the economy as a whole over these past few months. If so, it would seem that today is the day that markets finally stopped and wondered what exactly justifies these valuations, after failing to do so day after day, week after week before.

Tech stocks, which had been seeing stratospheric gains over the last few months, were among the biggest casualties of today's market massacre, with Apple, Facebook, Amazon, Netflix, Microsoft and Alphabet all experienced major losses in its biggest one-day decline since March.