The S&P 500 index futures had another day of chop, this time technically going to the bears with a slight loss.
Overnight, bulls tried for a light rally, but soon topped out at a high of 7190.75. By the time the regular session began, the bears made it into the red. After the opening bell, the tug of war continued. After some initial back and forth, a choppy decline continued throughout the day. As was expected, the FOMC held the overnight rate steady, after which bears made another small leg lower.
However, in the final hour the tide turned, and the bulls pared off most of the day’s losses with a final-minute push as well. The session concluded near the day’s midpoint at 7168, losing 3 handles. Following the close, several top components released their latest quarterly reports, sparking volatility in both directions. The low was pushed slightly to 7131.25 before bulls recovered yet again.
Tomorrow, market participants can look forward to March’s PCE report, Q1 GDP and other macro data at 8:30 AM ET, along with another load of earnings reports in the morning and afternoon, including Apple Inc. (NASDAQ: AAPL) after the close.
Among top components of the index, Broadcom Inc (NASDAQ: AVGO) emerged as the biggest gainer. The chip designer was able to advance by $5.62 or 1.41 percent to close at $405.45 for the day.
That performance was over one percent better than the cash index’s scratch decline of 0.02 percent.
Flipping its role from Tuesday, the biggest loser ended up being NVIDIA Corp (NASDAQ: NVDA). For the day, the chip designer declined by $3.82 or 1.79 percent to close at $209.25.
