One question is whether the market slump signals deeper trouble in the economy

 Over the past decade debt and equity markets have played a bigger role in finance, in part owing to tighter regulation that has inhibited risky lending and trading by banks. Most household mortgages now originate outside the banking system

These structural changes in the way finance works may mean that markets are more prone to bouts of erratic trading and nervous breakdowns. 

The Economst editorial 11 May 2022

https://www.economist.com/leaders/a-new-bear-market-in-american-shares/21809256

The shadow banking system and The Volcker Rule

https://englundmacro.blogspot.com/2022/05/how-do-you-get-markets-not-to-believe.html