As US-Iran headlines once again took center stage, bears drove the S&P 500 index futures into a hard selloff early Wednesday, yet bulls managed to shrug off most of the damage by the time the dust settled.

Overnight, the action was fairly steady, with bulls setting an early high at 7563 that would turn out not to be approached again. Early-morning reports of President Trump declaring the Iran ceasefire over had bears hitting the bid, and a sharp selloff quickly dragged the index futures from near unchanged down to a low of 7468.50. Once it was clear that support would hold, bulls began to reclaim some of the early losses, and by the opening bell they had won back the psychological 7500 level and appeared to hold support there as well.

Before long, however, sellers broke through once again. Bears nearly perfectly retested the early low, but buy-the-dippers were ready and countered with a fairly consistent rally into the afternoon, dragging the index futures back above Tuesday’s low before profit-takers and other sellers began to hit back. With the June FOMC minutes hitting in the afternoon and every meeting participant supporting maintaining current rates, the bulls were able to stave off the bears ahead of the close, and the remainder of the session was spent chopping near Tuesday’s low. The session concluded above the day’s midpoint at 7528.75, losing 22.50 handles.

Tomorrow, market participants can look forward to some minor macro data in the morning along with some fedspeak, plus a few notable earnings reports between 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 $17.91 or 4.83% to close at $388.69 for the day.

That performance was a fabulous 5% better than the cash index’s decline of 0.31%.

For the second day in a row, the biggest loser ended up being Tesla Inc (NASDAQ: TSLA). For the day, the AI/EV company declined by $8.97 or 2.23% to close at $393.93.