Tuesday’s S&P 500 index futures session once again kicked off near the highs only to fade lower by the close.

Overnight, bulls carried Monday’s closing momentum, pushing the index to 6442.50 during premarket hours, but that’s where the buying appetite seemed to stall. The regular session opened near that high, yet bulls and sellers clashed, with profit-takers and bears possibly benefiting from disappointing earnings and other macro data tipping the scales. Once support broke at unchanged, the selloff gained steam, testing the psychological 6400 level before bulls and shorts covering their positions sparked a solid midday bounce.

That rally fizzled fast, and the index went back to chopping near the lows for the rest of the day. The low hit 6396.25 just before the close, where buyers trimmed some losses. The session wrapped in the lower half of the day’s range at 6406.00, down 16.75 handles. 

Tomorrow, traders can brace for Q2 GDP numbers at 8:30 AM ET, the FOMC rate decision at 2:00 PM ET with the following press conference at 2:30 PM. Plus, amongst all the earnings reports, Microsoft Corp. (NASDAQ: MSFT) and Meta Platforms, Inc. (NASDAQ: META) are both set to release their latest reports at about 4:05 PM ET.

Among the top components, Alphabet Inc (NASDAQ: GOOGL) emerged as the biggest gainer, advancing $3.17, or 1.65%, to close at $195.75.

That outpaced the cash index’s 0.26% dip by over one percent.

On the other hand, Eli Lilly And Co (NYSE: LLY) tanked as the biggest loser, shedding $45.16, or 5.59%, to $762.95 after Novo Nordisk (NYSE: NVO) slashed its 2025 forecasts.