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As the S&P 500 index futures were dangling on the ropes over the last few sessions, the Fed and Jerome Powell delivered the knockout punch. Obviously, the 0.75% basis rate hike was not fully baked in the markets. As a result, the index got roasted to the tune of 66.50 handles with a closing price of 3806.25.

It should be noted that the sellers still had more to go as the index powered lower in the after-hours trading as well. The last after-hours print of 3796.75 is 9.5 handles lower than the mark for index futures traders.

If looking for daily support, forget about it. The next daily low comes in at the index’s July 14 low of 3740.50.

Only one of the top components of the index was able to close in the green, Nivida Corp (NASDAQ: NVDA) making it the biggest winner. For the session, the issue gained $0.85 or 0.06% to close at $132.61.

That was much better than the cash index’s decline of 1.71%. Inc. (NASDAQ: AMZN) was the biggest loser of the top components. For the session, the issue declined by $3.65 or 2.99% to close at $118.54.


PreMarket Prep Stock Of The Day: General Mills (NYSE: GIS)

Inflation or no inflation, you got to eat. New all-time high by a wide margin after Q1 EPS beat and raised guidance for Organic foods division. Read more on GIS here.