Hot CPI data helped spark an early pop in Wednesday’s S&P 500 index futures session, but market participants were ready to sell the rip, turning the session into yet another notable decline.

Overnight, a slow leak dragged the index futures toward the psychological 7300 level by morning. Support briefly materialized in that zone just as May’s Consumer Price Index (CPI) report hit the wires. The headline numbers landed mostly in line with expectations (0.5% MoM and 4.2% YoY), while Core CPI surprised slightly to the downside (0.2% vs 0.3% expected MoM). Bulls seized the moment and drove a solid pop that mostly held into the regular session open.

After the bell, the rally continued with relatively little drama, topping out at 7404.75 near the psychological 7400 level. Once it became clear that resistance would hold, bids evaporated and sellers took control. By lunch, bears were already testing the premarket low. The afternoon settled into chop just above 7300, until the final hour when sellers broke through with a light but steady selloff. The session concluded near the day’s low at 7278.50, losing 114.25 handles. After hours, the decline extended to 7256.

Tomorrow, market participants can look forward to May’s PPI report at 8:30 AM ET, along with more earnings reports, the more notable of which are expected after the close.

Among the top components of the index, Walmart Inc (NYSE: WMT) emerged as the biggest gainer. The retail giant advanced by $1.71 or 1.44% to close at $120.59 for the day. 

That performance was over three% better than the cash index’s decline of 1.58%.

Conversely, the biggest loser ended up being Broadcom Inc (NASDAQ: AVGO). For the day, the chip designer declined by $20.06 or 5.12% to close at $372.10.