The S&P 500 is down 7.5%—but if you're worried about it, 'you shouldn't own stocks,' says Warren Buffett

Warren Buffett walks the floor and meets with Berkshire Hathaway shareholders ahead of their annual meeting in Omaha, Nebraska on May 3rd, 2024.The S&P 500 — a measure of the broad U.S. stock market — was down about 2% in early trading, putting it 7.5% below the index's all-time high close on July 16. Further declines would put stocks in the territory of a correction, defined as a decline of 10% or more from the market's peak. Notably, the S&P is still up 10.

Unloading a hot tech stock and holding bonds? Is the Oracle of Omaha trying to tell us the end of the bull market is near? "It's a terrible mistake to think of stocks as something that bob up and down and that you should pay attention to those bobs up and down," he said.If you're saving for a long-term goal, such as retirement, what happens in a particular day or week or year shouldn't be of much concern, Buffett said.

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