Similar to the overnight Fed funds rate, the S&P 500 index futures ended Wednesday’s session virtually unchanged.

Overnight, bulls scrapped to keep the index in positive territory, managing a razor-thin win as the regular session kicked off just above even. An early dip seemed to get a jolt from Trump’s morning quip that rates “should be two points lower.” The bulls started a buying flurry, but the momentum stalled shy of Tuesday’s high at 6073.75 as bears and profit-takers swooped in.

The day’s main event landed at 2:00 PM ET with the FOMC’s predictable rate hold at 4.25-4.50%, unleashing a burst of two-way volatility. Powell’s following comments preached “Wait” for inflation to fully ease, while tossing tariffs into the mix as a wild card. Bears latched onto the ambiguity, dragging the index to fresh intraday lows. The final hour turned into a choppy slugfest, staying above the overnight floor of 6017.75 but sealing the day below the midpoint with a late selling wave. By the time the dust settled, the index futures closed at 6034.25, down a scant 4.25 handles.

Looking past tomorrow’s Juneteenth holiday, traders can gear up for a small amount of macro data and a trickle of earnings on Friday, along with the quad witch.

Among the index heavyweights, Tesla Inc (NASDAQ: TSLA) stole the show, flipping Tuesday’s funk to surge $5.70, or 1.80%, to $322.05

That still outperformed the cash index’s near-flat 0.02% dip by nearly 2%.

Meanwhile, Alphabet Inc (NASDAQ: GOOGL) took the biggest hit, shedding $2.63, or 1.49%, to $173.32, crowned the day’s biggest loser.