Wednesday’s session in the S&P 500 index futures delivered a cautious rally, supported by geopolitics and earnings season reactions, particularly NVIDIA’s highly anticipated report after the close.

Overnight, bulls and bears traded blows early on before support formed at 7356, creating a double-bottom with Tuesday’s low. Once volatility eased following evening earnings releases, bulls pushed the index back into the 7400-handle by the regular session open. The opening bell brought more back-and-forth action, but bulls started to pull away by the end of the first hour.

Late morning reports that the White House was in the final stages of negotiations with Iran helped give bulls fresh impetus, driving the index near Monday’s high and topping out at 7458. Light profit-taking followed in the afternoon, with most action settling near Tuesday’s high. Bulls tacked on a few extra handles as the close approached. The session concluded near the day’s high at 7451.75, gaining a solid 73.75 handles.

Tomorrow, market participants can look forward to May’s S&P flash PMI data at 9:45 AM ET, along with another busy slate of earnings reports in the morning and evening, including Walmart Inc (NYSE: WMT) before the open.

Among the top components of the index, Tesla Inc (NASDAQ: TSLA) emerged as the biggest gainer. The AI/EV company advanced by $13.15 or 3.25 percent to close at $417.26 for the day. 

That performance was over three times better than the cash index’s advance of 1.02 percent.

Conversely, the biggest loser ended up being Walmart Inc (NYSE: WMT). For the day, the retail giant declined by $3.35 or 2.50 percent to close at $130.85 ahead of its earnings release expected Thursday morning.