Hopefully this isn't a biased take: I think this is a unique situation because the recent moves (in my opinion) are largely a result of everyone's uncertainty around America's policies. In other words, the recent stock moves aren't because we're seeing a bunch of companies fail to miss quarterly targets. There are no major economic indicators flashing red. If stocks can drop that fast in a couple weeks, they can also…
We have threatened to militarily invade 3-4 countries in the last month and publicly betrayed Ukraine. We have instigated trade wars with 3, including our contiguous neighbors who have been remarkably stable friendly for a century. No country will depend on our technology if it can be removed on the whim of a single person who has demonstrated a willingness to abuse this power. Same for our defense industry. Same for military and economic alliances. Countries won't want to import our goods if the regulatory framework ensuring their quality and safety is dismantled.
I agree with you that today is more a move based on perception than a change in current fundamentals, but I also believe this the beginning of a re-rating of the US as a superpower and it has a very, very long way to run,
edit: I'm not going to vouch for the dead reply. But they jokingly say "if you need an f 35 you'll buy it" as though they missed the news this weekend https://eutoday.net/germany-concerned-over-f-35-kill-switch/. The economic impact of that program is projected to be close to $100B per year on its own beyond the value of airspace superiority. There are already signs of purchasers reconsidering.