Looks like the close today is 16,450, down 530 on the day.
OK so what is different between now and earlier this year at the all-time high? Nothing, other than that some people took profits, and others took losses, unless one believes there has been some actual, real economic contraction.
I believe that is true, overall, and that some of this drop represents an actual, currently perceived future loss of profitability of companies; how much of this drop, I don't know. If price and profitability are proportional, then if all the price drops were due to this mechanism, that would account for a currently perceived future 10% loss of profitability (not necessarily economic activity).
Without getting into the weeds, I think some, if not all, of this drop is real, even if one believes that stocks were fairly valued above 18k this year.