It can be easy to be misled by big point swings after a long period of quiet in global markets.

Percentage wise, the drop is not much at all, it merely took the market back to where it was in December, in addition:

Instead of reflecting economic pessimism, this stock market sell-off seems rooted in a form of optimism — that employers will have to pay higher wages, cutting into profits

This is good for the economy overall if employees make more money.

Source: Context Matters. The Stock Market Drop Is Less Scary Than It Seems. – The New York Times