American households' investment in the stock market has never been higher:

Currently, stocks account for 25.63% of the total net assets of American households, the highest level since data recording began in the 1940s.
This surpasses the 19.56% peak during the 2000 dot-com bubble and the 22.01% high in 1968.
Since the low of 8.77% during the 2008 financial crisis, this ratio has nearly tripled.
This means that a significant stock market correction could trigger a sharp decline in spending, especially among high-income households, as they are the main drivers of consumption.
Currently, consumer spending accounts for about 69% of the US GDP, approaching historical highs.
The US economy has never been as dependent on stock market performance as it is now.