S&P 500 futures wipe out Wednesday's post-Fed gain

S&P 500 futures have eroded their gains from the post-FOMC level, reflecting a typical trading oscillation following Federal Reserve decisions. The market witnessed a 50-point swing, with a roughly 0.7% move in both directions. Oracle's disappointing earnings and an 11% drop in its share prices have particularly weighed down Nasdaq futures, which are down 1.1%. Concerns about AI budgeting and Oracle's increased spending contribute to the decline. The cut and wait-and-see stance from the Fed was anticipated, meaning the initial rally likely lacked justification. Investors should be cautious as the year-end flow period begins, where trades may be more about tax implications, position squaring, and deleveraging than about genuine market sentiment.