You are underestimating the massive amounts of layoffs that have been happening in the past week and a half. That's the market dying. It's not just stocks.
If valuation goes down, that usually means less revenue coming in, which means less money to pay employees, which leads to them getting fired, which leads to less spending, which leads to less revenue going in...
If valuation goes down, that usually means less revenue coming in, which means less money to pay employees, which leads to them getting fired, which leads to less spending, which leads to less revenue going in...