Wednesday delivered another back-and-forth battle in the S&P 500 index futures, as the latest inflation data helped spark a (dip and) rally that sellers were quick to fade, further cementing recent resistance while bulls held onto gains throughout.

The overnight hours were a fairly calm affair, with bulls defending an early low of 7748.50 and slowly grinding the index futures higher as the session progressed. In the morning, July’s Consumer Price Index (CPI) landed right in line with expectations (0.1% MoM on the headline and 0.2% MoM on Core). Following the report, algos from both the bull and bear camps took off, driving a quick dip that recovered just as swiftly. Bulls then kept a light rally going right up until the regular session began.

Profit-takers hit hard almost immediately off the opening bell, cementing the high at 7794 and forming a triple-top with other recent highs. A late-morning post by Trump mentioning that the US had total control over the Strait of Hormuz appeared to inject a bit more volatility into the session, with the bears battling it out with the bulls. For much of the rest of the session, the action settled into chop in the 7760-7780 range. As the close approached, sellers took off a few more of the day’s gains. The session concluded nearly perfectly at the day’s midpoint at 7770.50, gaining 23 handles.

Tomorrow, market participants can look forward to July’s PPI reading at 8:30 AM ET, along with some more earnings reports in the morning and evening.

Among the top components of the index, NVIDIA Corp (NASDAQ: NVDA) emerged as the biggest gainer. The chip designer advanced by $6.59 or 3.03% to close at $224.09 for the day.

That performance was over a dozen times better than the cash index’s advance of 0.25%.

Switching its role from Tuesday, the biggest loser ended up being Meta Platforms Inc (NASDAQ: META). For the day, the tech conglomerate declined by $20.27 or 3.38% to close at $578.85.