The Nasdaq Composite slid 4%, its largest one-day decline since September 2022. The S&P 500 on Monday closed down 8.6% from its February 19 record high, shedding over $4 trillion in market value since then. Delta Air Lines on Monday slashed its first-quarter profit estimates by half, sending its shares down 14% in aftermarket action. Hedge funds reduced exposure to stocks on Friday at the largest amount in more than two years, according to a Goldman Sachs note released on Monday. \”A lot of what has worked is not working now,\” said Ayako Yoshioka, senior investment strategist at Wealth Enhancement. \”Every time you have structural change you’re going to have friction,\” said Michael O’Rourke, chief market strategist at JonesTrading. \”It’s understandable people are starting to be a little concerned and starting to take the profits with the stock market,\” he said. The percentage of total corporate equities and mutual fund shares that are owned by the bottom 50% of the U.S. population, ranked by wealth, stands at about 1%, while the same measure for the top 10% by wealth stood at 87%, according to Federal Reserve Bank of St. Louis data as of July 2024.