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Pat the meat chunks off with paper towels, soaking up any moisture. The less moisture the better the sear, which will give the meat better flavor and texture. Season generously with salt and pepper.
Set instant pot to saute function. Add oil and sear beef chunks in two batches, remove beef from pot and set aside.
Saute shallots, celery, garlic, olive oil (if needed) among all the leftover bits in the pot for about 2 minutes.
Add red wine, balsamic, dijon, tomatoes, beef broth, thyme, bay leaves, salt, and pepper. Mix around, scraping the bottom of the pot to get off any stuck bits. Smash up the tomatoes against the side to break them up a bit.
Add seared beef. Cook on high pressure for 30 minutes, making sure to seal the steam valve. Prep your veggies.
Allow to naturally release for 15 minutes.
Add the root vegetables in with the stew and set to low pressure for another 3-4 minutes, depending on your preference of doneness. (see notes)
Manually release the steam valve. Add fresh parsley and serve with sourdough biscuits!