The S&P 500 and Nasdaq have experienced notable declines recently — the Nasdaq fell around 4% on a bad day and the S&P 500 dropped more than 2.6% — but calling that a 'crash' overstates what happened. On June 9, 2026 specifically, the main US index was actually up, not down. These are meaningful pullbacks, but they don't constitute a broader market crash. Several major banks have warned about elevated stock market risks heading into CPI data, which reflects real concerns about volatility, but the overall market picture is more mixed than a flat-out decline would suggest.