Wednesday’s session in the S&P 500 index futures fixated on NVIDIA’s looming earnings, with bulls holding the reins until the earnings-related sell-off stole the show.

Overnight, the index oscillated between red and green, opening the regular session near the premarket low before bulls sparked a modest rally. Buyers faced little resistance for the most part, slowly pushing toward the psychological 6500 level until sellers kept it under that level in the final hour. 

NVIDIA Corp.’s (NASDAQ: NVDA) 4:20 PM ET earnings hit with top- and bottom-line beats, a $60 billion buyback, and slightly raised guidance, but fell short of sky-high expectations, partially dragged by declining H20 revenue from no China sales and geopolitical woes potentially continuing. The index mirrored NVIDIA’s moves, first grazing a resistance at 6505.50 near the all-time high before plunging to a low of 6459.25, where dip-buyers swooped in to erase the red. The session technically closed above the day’s midpoint at 6496, up 13.50 handles, though after-hours trading concluded about 10 handles lower than that mark. 

Thursday brings continued NVIDIA reactions, more earnings, and Q2 GDP’s first revision at 8:30 AM ET. 

Microsoft Corp (NASDAQ: MSFT) snagged the biggest win among top components, climbing $4.70, or 0.94%, to close at $506.74.

That outpaced the cash index’s 0.23% gain by a fortunate four times.

Meta Platforms Inc (NASDAQ: META) slumped as the biggest loser by the close, shedding $6.72, or 0.89%, to close at $747.38.