As of early April 2025, the S&P 500 has experienced a notable decline of 13.7% year-to-date, reflecting broader trends in the U.S. stock market. The Dow Jones Industrial Average is down 9.9%, the NASDAQ has fallen 19.3%, and the Russell 2000 index is down 18.1%. The volatility index (VIX) has surged by 161.1%, indicating increased market uncertainty. Additionally, 63% of large-cap stocks are currently in a drawdown of 20% or more, with historical data showing that the peak drawdown reached 74% in 2022. Analysts suggest that if the S&P 500 were to drop to a price-to-earnings ratio of 15, it could represent a further decline of 23%, marking one of the top five worst bear markets in history. The S&P 500's performance since 2008 has varied significantly, with a 24.23% increase in 2023, but a 19.95% decline in 2022. The index is currently around 4,000 points, which is approximately 35% below its all-time highs.