Wednesday’s S&P 500 index futures session turned into more capitulation until Fed Chair Powell’s comments unleashed the volatility.

Overnight and through the morning, the index futures saw little action, chopping slightly in the green at the opening bell, continuing until the FOMC rate announcement. As expected, the Fed left rates unchanged, but Powell’s 2:30 PM ET press conference sparked the real fireworks. His more hawkish tone highlighted ongoing uncertainty, tariffs creeping into consumer prices, and a focus on unemployment moving forward, handing bears the reins to drive the index straight down to a low of 6366.75.

Bulls and bears scrapped just above that low, with last-minute buyers swooping in to pare some losses. The session wrapped below the day’s midpoint at 6396.25, down 9.75 handles. After hours, Microsoft and Meta’s earnings ignited a rally, pushing the high to 6435.25. 

Tomorrow brings PCE index data at 8:30 AM ET, plus Amazon.com, Inc.’s (NASDAQ: AMZN) at 4:01 PM and Apple Inc.’s (NASDAQ: AAPL) at 4:30 PM, amongst the other earnings reports.

Among the top components, NVIDIA Corp (NASDAQ: NVDA) emerged as the biggest gainer, advancing $3.76, or 2.14%, to close at $179.27, marking new all-time highs in the process.

That outpaced the cash index’s 0.13% dip by over two percent.

On the other hand, Apple Inc (NASDAQ: AAPL) tanked as the biggest loser, declining $2.22, or 1.05%, to $209.05 as investors lightened positions ahead of its earnings report.