Since the creation of the S&P 500 in 1957, there have been 5 years with a decline of more than 10%
1973: 17.4%
1974: 36.7%
2002: 23.4%
2008: 38.5%
2022: 19.4%
The 5-year average is 27.08%
Which is close to the 27.6% in the above chart
The premise is that both parties eventually sat down to negotiate again