There is a different tone today as the market reprices the possibility of the Fed to be more determined to see their tightening policy through. The latest CME FedWatch now sees a 73.1% (vs. 69.8% last week) for a 25bps rate hike next week, while and 26.9% for no hike.

Financials are changing the course today with banks rallying after dropping sharply on Monday. The hard-hit First Republic Bank (FRC) is up 46% leading the S&P 500 and Financials (XLF). Another big move comes from Meta Platforms Inc. (META) after the company announced its second round of layoffs.

News of Russian fighter colliding with a US surveillance drone above the Black Sea has pared gains in the major indices.