It is more about the Trade Talks collapsing rather than the FED miserly 25bps and relatively hawkish FED talk.
I do not see a steep decline but lots of back & filling with a general IT down trend during the next few weeks.
All this can change with a few words from the FED via Powell and other FED members.
But, August may be a dull boring low-volume trading month, good time to rest & recover for the September to December period.
Dow drops 330 points in worst day since May after Powell hints rate cut not the start of a trend