It's dropping because biden's tax plan was just revealed. This plan will effectively double capital gains taxes for anyone who makes over a million dollars a year. In California and New York this will make the effective tax rate 50% for millionaire tax brackets involving capital gains. So, Investors are just pulling out because the risk isn't enough for the investment. The stock market took a dive as well.
Biden isn't terribly bright- to think that this is simply free money. It will force people to become less risk tolerant and slow the investments into new products and ideas.
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