What exactly is the U.S. stock market declining?

The core reason is the panic of liquidity tightening under recession expectations: on one hand, Trump's "recession" guidance coincides with the weakening of economic data; on the other hand, behind the concerns about liquidity, there is not only the discomfort of the Federal Reserve's balance sheet reduction nearing its end, but also the "diversion" from China and Europe, as well as the "shadow" of further tightening by the Bank of Japan