At the time of writing, US and EU benchmarks are down notably, with the Nasdaq 100 index losing more than 1%.
Silver posted what looks like a bearish pin bar candle on its daily chart, which could mean a short-term top has been formed. Today, silver has been down 1% already. Oil was also weaker as yesterday's break to new highs was met with selling.
Uncertainties over inflation and future Federal Reserve policy are mounting, and markets don't seem to believe in the Fed's rhetoric that it will keep monetary policy unchanged for a long time.
Investors now anticipate some form of tightening later this year due to the soaring inflation everywhere.
Later in the day, the minutes of the April Fed meeting will be released. Investors will be looking for hints of when the central bank could consider scaling back its bond purchases (QE), a move likely to precede increases in interest rates.
Volatility will most likely be elevated after the release.