The Federal Reserve delivered the main event Wednesday, raising its benchmark interest rate by 25 basis points to a range of 3.75% to 4.00%, its first hike since 2023. Chair Kevin Warsh also left the door open to additional tightening, with policymakers still seeing another increase as possible before year-end.

S&P 500 index futures entered the session with bulls pressing higher, eventually reaching a high of 6,635. But the bid failed to hold as traders positioned around the Fed decision and digested the prospect that Wednesday’s hike may not be a one-and-done move.

Selling accelerated through the session and pushed futures down to 6,558, a 77-handle swing from the day’s high. Buyers stepped in off the lows and recovered a meaningful portion of the decline, but the rebound was not enough to get futures back above the previous close.

The session concluded just below the midpoint of the day’s range at 6,593.50, losing 15.75 handles from the previous close of 6,609.25.

Thursday keeps the macro calendar busy with initial jobless claims, August housing starts and the Philadelphia Fed manufacturing survey due at 8:30 a.m. ET, followed by pending home sales at 10:00 a.m. ET.

Among the top components of the index, NVIDIA Corp (NASDAQ: NVDA) emerged as the biggest gainer. The chip designer advanced by $1.73, or 0.82%, to close at $213.90 for the day.

That performance was more than 1 percentage point better than the cash index’s 0.44% decline.

Conversely, the biggest loser ended up being Microsoft Corp (NASDAQ: MSFT). For the day, the tech giant declined by $6.82, or 1.37%, to close at $490.30.