Biden is trying to tax unrealized gains on stocks; so investors are getting scared.
More generally, people are scared because of the Biden administration’s lack of legitimacy and competence, and are therefore hoarding as opposed to investing.
Also, whereas garden-variety incompetence and lack of legitimacy are compatible with a healthy stock market, outright communism is not, and investors do not quite know how seriously to take the Marxist rhetoric of the current administration.
My belief is that Marxist rhetoric is always to be taken seriously and that there are values, for those on both the right and the left, that are far deeper than a desire for money.
Not that the stock market will go belly up—it will not. It will consolidate in a few months.
But people do not yet know that, and they are skittish. Hence the dip on February 24, 2021.