Wednesday’s S&P 500 index futures session showcased indecision, closing nearly flat after a volatile reaction to the FOMC’s 25bps rate cut announcement.

Overnight trading was subdued, with the regular session opening slightly green. Bulls attempted a rally early on, but bears quickly took control, pushing the index into negative territory for much of the pre-announcement period. As 2:00 PM ET neared, buy-the-dippers capitalized on a slight discount, setting the stage for a brief surge.

Post-announcement, bulls quickly drove the index to a high of 6686.50, falling shy of the all-time high. However, the rally fizzled quickly, giving way to whipsaw trading around Tuesday’s close. Fed Chair Powell’s 2:30 PM ET remarks, signaling steadily lower rates through year-end and framing the cut as a risk management move, initially helped trigger a bearish push to a session low of 6611. Buy-the-dippers swiftly countered, lifting the index back to unchanged. The afternoon saw continued chop, with the session closing in the upper half of the day’s range at 6658.75, down 8.75 handles.

Thursday brings minor macro data in the morning and a small handful of earnings reports before and after the bell.

Among top index components, Tesla Inc (NASDAQ: TSLA) led gains for the second consecutive day, rising $4.24, or 1.01%, to close at $425.86. 

That outperformed the cash index’s 0.12% decline by over one percent.

Broadcom Inc (NASDAQ: AVGO) took the biggest hit, dropping $13.83, or 3.84%, to close at $346.17, dragged down in sympathy with peers like NVIDIA amid reports of a Chinese ban on certain chips.