Take a look at real (inflation-adjusted) charts of the S&P 500, Dow 30, and Nasdaq composite since 2000. We've updated this through the February 28, 2023 close.
Here are two overlays — one with the nominal price, excluding dividends, and the other with the price adjusted for inflation based on the consumer price index for urban consumers (which is usually just referred to as the CPI). All three indexes are all down from last month with the Dow down 4.2%, the S&P down 2.6%, and the Nasdaq down 1.1%.
When adjusted for inflation, the real month-over-month changes for each index become -4.9% for the Dow, -3.4% for the S&P 500, and -1.9% for the Nasdaq.
The charts require little explanation. So far, the 21st century has not been especially kind to equity investors. Yes, markets do bounce back, but often in time frames that defy optimistic expectations.