corporate performance, clearly. Companies are simply not performing with ernings, etc. that warrant the increase. All stock prices now are built on optimism of what might happen if (pick the news item you believe willl happen ...vaccine for CV-19, "cure" for CV-19, etc.) If those things don't happen sooner than later, reality sets in.

Corporate performance suffers and there's no rainbow in the distance to keep the price buoyed up. Thus, the stock continues to drop.

The ripple effect on the economy is not even visible now. In another few months we'll see just how many people are still unemployed, how consumer demand is way down (due to people not having money), every-day people with some portfolio of value will convert to cash or metals and the stock market will continue to fall.

Overall, that's why i don't look too much to the stock market for a read on how strong the economy is or isn't.