The major indices are staging a come-back today after a wild week.  All the talk of Fed tapering caused the markets to have a temper tantrum.  However, as we mentioned in our morning report, we are at the point where Delta variant could cause the Fed to hold off….“It could clear the way for the Fed to taper and the market may gyrate lower, but it’s the real elixir as we must get back to normalcy.”

Today, Dallas Fed Rob Kaplain, who was the first Fed pres back in April to call for tapering to begin, seemed to agree.  He said he may reconsider his thinking that the Fed  should quickly start to taper its $120 billion per month bond purchases if it looks like the spread of the coronavirus delta variant is slowing economic growth.

All eleven S&P 500 sectors are in the green today.  There is a element of caution in the market, hence  Utilities and Technology are the top performers.