Tuesday’s session in the S&P 500 index futures delivered a wild whipsaw, with a morning rally, a sharp selloff, and a late recovery that left traders hanging on every headline amid swirling geopolitical tensions.

Overnight, bulls held a modest uplift in the index futures. In the morning, a stronger-than-expected US trade balance, with higher imports and exports, seemed to help give bulls early momentum. Reports of Trump hinting at a potential deal with Iran soon added fuel, pushing the index futures to a high of 7491 soon after the open. Bears and profit-takers then stepped in to stall the advance.

As the morning progressed, reports of an Iranian attack on a US helicopter helped shift sentiment dramatically. Bears seized control and drove a steep selloff. An afternoon Trump post stressing the need for the US to respond to the attack appeared to mark the bottom at 7247.25. Bulls wasted no time launching a rebound rally, clawing their way back to the psychological 7400 level. A few sellers tested the tape in the final hour, but buyers held firm once closing imbalances were out to finish the day on a relatively steady note. The session concluded near the day’s midpoint at 7392.75, losing only 23.25 handles.

Tomorrow, market participants can look forward to May’s CPI report at 8:30 AM ET along with more earnings reports in the morning and evening.

Among the top components of the index, Alphabet Inc (NASDAQ: GOOG) emerged as the biggest gainer. The tech giant advanced by $1.12 or 0.31% to close at $362.29 for the day. 

That performance was only slightly better than the cash index’s decline of 0.29 percent.

For the second day in a row, the biggest loser ended up being Apple Inc (NASDAQ: AAPL). Following the company’s latest software announcements, the tech giant declined again by $10.99 or 3.64% to close at $290.55.