Bad quarter for certain, but to keep things in perspective, the S&P is still up 13% over the past 12 months (likely 14% as soon as the market opens in 20 minutes). There's nothing magical about a "quarter". Had Q1 2025 ended 4 days later, it would have been significantly worse than this, but then the market went on to have a huge rally after that.
Go back another couple months to when Trump took office and the total gains have been ~3.5%. A couple more random missile strikes and it'll go into the negative.
The only people making money in today's market are those with insider info about US economic and military actions (aka Trump and his associates).