Bears edged out a narrow victory on Wednesday, but not before the bulls refused to go quietly, as the S&P 500 index futures rode another rollercoaster of ups and downs.

Overnight, the action stayed fairly muted, with bulls mostly maintaining support near unchanged. The regular session sparked fresh chop and volatility, with the bulls beginning to pull away to new highs after the first hour. They soon reached a high of 7496.50, stalling just below the psychological 7500 level. Bulls attempted to break through resistance, but it proved too much to overcome, and bids began to fade over the lunch hour.

Reports that normal oil flows through the Strait of Hormuz were being delayed, with or without a deal, due to Iranian mines, seemed to help the bears somewhat. The index futures continued to decline, breaking through Tuesday’s close into red territory, finding support near the next major psychological level. After a denied recovery attempt, support at Tuesday’s close had turned to resistance, and the bears pushed the low to 7404.25. Just before the close, buy-the-dippers started to take advantage of the day’s decline. The session concluded below the day’s midpoint at 7428.25, losing 9.25 handles. After hours, a rally that followed Micron Technology, Inc.’s (NASDAQ: MU) latest earnings report helped instigate a move in the index futures back near the day’s high.

Tomorrow, market participants can look forward to May’s PCE index along with more minor earnings reports in the morning and evening.

Among the top components of the index, Broadcom Inc (NASDAQ: AVGO) emerged as the biggest gainer. The chip designer advanced by $1.93 or 0.51% to close at $382.08 for the day.

That performance was slightly better than the cash index’s decline of 0.05%.

Conversely, the biggest loser ended up being Microsoft Corp (NASDAQ: MSFT). For the day, the tech giant declined by $8.48 or 2.27% to close at $365.46.