Why is literally everything red premarket right now?

Just opened my phone and my entire watchlist is bleeding. Not just random small caps, big tech, AI names, even stuff that usually holds up pretty well. Some down 4–5% before the bell. I’m mostly in AI / growth, so yeah I know it swings. But this feels heavier than a normal dip. I haven’t seen some huge headline. Yields aren’t going crazy. So what’s the trigger? Is this just crowded trades getting dumped? Funds taking risk off? Or did I miss something obvious overnight? Genuinely trying to figure out if this is “buy the flush” or “something changed.” What are you guys seeing?