Back in July, Michael Burry placed a $1.6 billion bet against the stock market using SPY and QQQ puts. Now, the stock market, as measured by the S&P 500, has dropped 10% from its July peak. This happened when the Federal Reserve said there wouldn't be a recession.

The total value of the stock market has fallen by over $4 trillion, and the seven biggest tech companies lost over $500 billion. It looks like even the strong tech companies are struggling.

People are watching the Federal Reserve's meeting next week closely as it's a big deal in these uncertain times.