The huge tax hikes proposal from the US admin sent US equity indexes on that rollercoaster

Here are the headlines:

• US President Biden budget proposes raising corporate tax to 28% (from 21%)

Here's the 1 minute S&P500 on Globex. The dip on the news crossing then the bounce back after the selling was done and on the chances of these sorts of tax hikes passing Congress being assessed at basically zero: