The Delta Variant grabbed headlines yesterday and markets reacted. Tech stocks led the way as traders and managers pulled out their 2020 Covid-19 playbooks.The economic calendar culminates with Nonfarm Payroll on Friday. There’s a deluge of Manufacturing data from the U.S., Europe, and China leading into Friday. The first half of the week can be characterized by Fed speak, but infrastructure is now attracting headlines, and so will the economic data.U.S. benchmarks have continued their rebound from last week’s healthy pullback. After a quiet overnight session, the S&P is staring down the barrel at its all-time high. The Nasdaq has already set a fresh record for the second straight session. Value roared back yesterday: the Dow gained 1.83% to the S&P’s 1.45%. Better yet, the rally didn’t come at the expense of Growth stocks— the Nasdaq still gained 0.68% and every sector was positive. Broadly speaking, markets are still digesting last week’s activity, namely the Federal Reserve’s slight hawkish turn at their policy meeting and the impact of quadruple witching.A very minor shift in the Fed’s rate hike expectations has roiled risk assets and strengthened the U.S. Dollar. Via their dot plot, committee members now anticipate 2 rate hikes through the end of 2023. Market participants will dive into the policy statement and economic projections for any clues as to when the committee will begin thinking about tapering those purchases.Price action roared higher over the last 30 minutes, sending both the S&P and Nasdaq to record levels. The otherwise unenthusiastic session highlights both summer trading and an undertone of caution at elevated levels ahead of Wednesday’s Fed policy decision.Fridays have typically been strong when such green lights have emerged and although stocks finished higher, it was broadly a lackluster session. What changed?