During this period, the significant pullback in the US stock market was due to tariffs. The decline itself is a specific form of the market digesting bad news.
Huge bad news + huge decline = digestion of bad news.
A sword only threatens when it hangs over your head and hasn’t yet fallen. Once it falls, the process of falling is the process of risk release.
Bad news is only the hardest to bear when the first person tells you. The more times it’s told to you, the more numb you become. The market is the same; repeated bad news will have diminishing effects. Gradually, the completely digested bad news and released risks will turn into good news, and emotions always turn at the most extremely pessimistic times. Unless you tell me different bad news every day in various ways, then it doesn't matter if it really leads to destruction.
As for whether the final result is 54%, 104%, or even 204% or 304%, it’s just the difference between being executed once and being executed three times; the actual effects produced are not significantly different.