It should have been expected that government intervention to stem inflation would negatively impact the stock market. It was long due; cleans the pond.
I knew I'd attract this sort of replies with a purely qualitative opinion, but regardless: it's a summary assessment of all message boards I visit. Take it FWIW. Obviously it's also conditional on what style of trading one is doing. An antithetical example: Someone who has gravitated towards B&H investing after giving up on trading (i.e. a fair number of what you might call the 'old guard' above) is most likely down about 15-20% YTD unless they picked oil stocks.