The S & P 500 is down about 6% from its all-time high following Friday's losses, making this the second decline of greater than 5% this year.
Bank of America also found that, in the last century, the stock market experienced on average one 10% correction a year.
So, if the S & P 500 follows the Nasdaq Composite into correction territory, that too would be just normal market activity for any given year.
.SPX YTD mountain S & P 500, YTD History shows that this market behavior doesn't change much in election years.
To be sure, this has been a unique cycle in that the stock market rallied during Federal Reserve rate hikes.
Persons:
Piper Sandler, Piper, Adam Turnquist, there's, we're, — CNBC's Pia Singh
Organizations:
Bank of America, Nasdaq, Corrections