Wednesday’s S&P 500 index futures session remained fairly calm until the Fed delivered its final 25 bps rate cut of the year, unleashing a sharp bullish breakout.

Overnight trading hugged unchanged while the market awaited the decision. The regular session open brought intensified chop, with bulls defending a triple-bottom near 6830.75 (near Monday and Thursday lows). By early afternoon, the index futures stayed mostly flat-to-slightly green until the 2:00 PM ET announcement.

The 25 bps cut ignited an immediate spike higher, though momentum turned to chop ahead of Chair Powell’s press conference. Powell noted internal Fed division on future policy, with some favoring holds, and others more cuts, while explicitly ruling out hikes in the base case. Bulls seized the more dovish tone and charged to new highs.

The rally slowed near the psychological 6900 level, topping at 6908 and forming a double-top with last week’s peak. Late profit-taking trimmed gains into the close. The regular session finished solidly in the upper half of the range at 6891.75, up 43.50 handles.

Thursday brings September’s trade deficit in the morning and several evening earnings reports, highlighted by Broadcom, Inc. (NASDAQ: AVGO) at 4:15 PM ET.

Among top index components, Amazon.com Inc (NASDAQ: AMZN) emerged as the biggest gainer. The e-commerce giant climbed $3.86 or 1.69% to close at $231.78.

That performance was over two times better than the cash index’s 0.66% advance.

Conversely, the biggest loser was Microsoft Corp (NASDAQ: MSFT). For the day, the tech giant fell $13.46 or 2.74% to close at $478.56.