TRAC and ABS lights

While driving my 2018 toyota 86 today my trac and abs lights came on and on turns it felt like my rear wheels were sliding out from under me. Tried the trac button, but it didn’t do anything. Wondering if I have a problem on my hands here. Would appreciate help! Not really savvy on the mechanical side of things tbh so explain it to me like I’m 5 lol