Market pullbacks are common. The reason this one is so pronounced is in large part due to the fact we have not had a pullback of consequence for almost a month. Typically during market upswings, there are pullbacks along the way allowing the market to "catch its breath" before going higher. There is nothing of financial consequence in the economy of major concern that would indicate this pullback is a prolonged event.
The Federal Reserve has indicated they will keep interest rates low for the foreseeable future which is great news for the recovery. The jobs report this morning was very good with unemployment dipping to 8.3% which many felt would not fall below 10% until the first part of next year, more great news! Over the last several days, there have been many investors taking profits they have earned since the pandemic bottomed right before a long three day weekend which is not uncommon. This means there are more sellers than buyers which will drive stock prices lower. Throw in an election year, which always causes heartburn, and you can see why things might be bumpy for the next few months. The tech sector, and specifically the FAANG stocks, have accounted for 47% of the market gains this year. There has been a repositioning of tech stocks to a more broad market base which in the long haul should be very good for the overall market. This is likely to provide a broader recovery as opposed to being so heavily concentrated in the tech sector.
The financial people around the country I speak with still think the "V" shaped recovery is going to continue until the end of the year. Keep a long term perspective, the market is only acting as it always has. Pullbacks are common. At the end of the day, it has always turned out just fine.