Tuesday’s S&P 500 index futures session marked a pause in the bull run, as bears and profit-takers dominated amid Fed commentary, erasing Monday’s gains.

Overnight trading remained subdued, with little action from bulls or bears. The regular session opened slightly red but briefly climbed to make the day’s high of 6756.50, near the premarket peak. Selling pressure mounted after the first hour, with participants showing limited optimism ahead of Powell’s afternoon speech, driving new lows.

The selloff paused briefly as Powell began speaking, but his somewhat hawkish tone, noting high equity valuations and a drop in hiring rates potentially offsetting tariff costs, helped resume the downward momentum. No significant positive signals emerged, and the decline continued into the afternoon. 

Support held near the psychological 6700 level, where bulls and bears clashed just above it for the remainder of the day. After bottoming at 6701.75, some late covering and dip-buying pared losses in the final hour. The session closed in the lower half of the day’s range at 6715, down 37.50 handles.

Wednesday features a light news slate, including August’s new home sales at 10:00 AM ET and an after-hours speech by Fed Daly.

Among top index components, JPMorgan Chase & Co (NYSE: JPM) was the biggest gainer, edging up $0.30 or 0.10% to close at $312.74.

That slightly outperformed the cash index’s 0.54% decline.

Amazon.com Inc (NASDAQ: AMZN) was the biggest loser, tumbling $6.92 or 3.04% to close at $220.71. Some investors were heading to the exit after reports of the company closing all UK Amazon Fresh stores around the opening bell.