The Federal Reserve has gone back to pulling money out of the financial system, rather than adding it. That is both a positive signal and a challenge for the stock market.
A look at how the Fed controls the amount of money sloshing around in the market makes it easier to understand what is happening. When the Fed wants to juice economic growth, as it did after the economy was locked down in response to Covid-19, it can effectively print money to buy assets such as Treasury and mortgage bonds.
Source: https://www.barrons.com/articles/fed-stocks-balance-sheet-banking-turmoil-cf781ef0?siteid=yhoof2&yptr=yahoo