The early morning scare faded quickly when investors realized the Fed has been very concerned about the Delta variant, which has increased widely since those FOMC minutes. I just do not see how the Fed can announce tapering until they are sure it is contained.
There has to be a reassessment of the economy, including global developments, before making a decision that has been put off for years. They are not in a rush even if some individual members are champing at the bit.
Once again, mega cap stocks prove that when investors are worried, they come flocking and hence technology is leading the way.
The key right now is to be cool. I would like to see the market rally into the close, as confirmation the latest bout of fear has simmered down.