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Wednesday’s trading session in the S&P 500 index futures saw an early reversal of Tuesday’s bullish close, as concerns over upcoming economic data and Fedspeak drove the index down to the previous session’s lows during Wednesday’s early premarket hours. The bearish anticipation eroded when the first revision of the Q4 GDP was released at 8:30am EST, indicating a slight decline to 3.2% from the expected 3.3%, hinting at the potential for an earlier rate cut than previously anticipated.

Despite the gloomy premarket and the regular session opening in negative territory, the bulls soon found their footing after the opening bell, rallying from Tuesday’s lows in an attempt to reclaim lost ground. However, comments from Fed Presidents Bostic, Collins, and Williams shortly after noon, suggesting interest rates might stay elevated to combat inflation, dampened the morning’s optimism and pushed the index futures lower once again.

The day’s trading was marked by several reversals, with the index oscillating between highs and lows, showcasing the tug-of-war between bulls and bears. Despite the bulls’ efforts, the session ended in favor of the bears, with the index futures closing down by 9 handles at 5081. The bearish trend extended into the after-hours session, ahead of the anticipated PCE inflation data set for release on Thursday morning.

Tesla Inc (NASDAQ: TSLA) stood out as the day’s most significant gainer among top components, advancing $2.31 or 1.16% to close at $202.04. 

That outperformed the cash index’s slight decline of 0.13%.

Conversely, UnitedHealth Group Inc (NYSE: UNH) found itself as the session’s biggest loser for the second consecutive day, dropping $15.14 or -2.95% to close at $498.28. The continued decline was influenced by lingering concerns over regulatory scrutiny and the broader impact on the healthcare sector.