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Those who didn't get a bite of the rising market and felt the knife of the downturn early in the morning, many people probably lost their accounts during this drop. Why did they lose? Many blame Powell's hawkish speech for the market crash, never reflecting on why they gambled in the presence of news.
We cannot influence the Federal Reserve or Powell's speeches, so isn't it better to observe calmly? Why take a gamble on that 50% chance? Just avoid trading based on news, observing has no cost and won't incur losses! Holding cash is a form of wisdom, and cutting losses is a form of courage. Which one can you achieve?