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With volatility soaring again this week, you’ve probably heard the warnings to check your 401(k). The calls to buy on dips. The calls to rebalance your portfolio. The cries that a recession is more likely.

In short, a week like this can be scary and confusing.

Here comes Steve Sosnick, chief strategist at Interactive Brokers, with a Zen-like suggestion: “Breathe.”

When faced with a sell-off, investors have three choices: buy, sell or hold. Of course, those are always the options. But it’s important to remember that when there’s turmoil, you always have the choice to do nothing.

There are numerous experts who echo this reassuring tone.

“So far, asset market volatility has been within historically normal limits and is not, in our view, a cause for concern,” wrote Michael Gapen, head of U.S. economics at BofA Global Research, in a note to investors. Julian Emanuel of Evercore ISI told clients that equity markets are still in a bull market. And Kevin Gordon, chief investment strategist at Charles Schwab, told Yahoo Finance why he does not see recent employment indicators as recessionary.

Earlier this week, Goldman Sachs’ strategy team, led by David Kostin, said it was sticking to its forecast that the S&P 500 would hit 5,600 this year. In a note to clients, they pointed out that revenue and earnings forecasts for 2024 and 2025 had not changed and that the S&P 500 typically recovers after a 5% decline.

Of course, not everyone is saying “ohm.” David Rosenberg of Rosenberg Research told Yahoo Finance he still sees the U.S. economy heading for a recession. For now, that seems to be the minority view, although economists at JPMorgan have raised their forecast for the probability of a contraction by year’s end to 35% from 25%.

Meanwhile, Sosnick says, he gets a lot of calls from friends outside the financial industry asking, “What should I do?” His answer: “Nothing.”

There is one caveat, however, he said: If Monday’s sell-off in particular “freaks you out, you’re taking too much risk. If you’ve received margin calls or something like that, maybe you should risk a little less.”

Julie Hyman is co-host of Yahoo Finance Live, weekdays 9:00 a.m.-11:00 a.m. ET. Follow her on X @juleshymanAnd read their other stories.

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