Friday’s session in the S&P 500 index futures capped a five-day win streak and returned to the trend of finishing the week on an extreme end. Unfortunately, the good news flipped after the close.

In a change of pace overnight, bears failed to dominate as bulls took charge by early morning, pushing to new weekly highs. Bears and profit-takers were bound to counter, and following April’s import price index, reported at 0.1% versus -0.4% expected, possibly along with general options-expiration pressures, a pre-open sell-off occurred. Selling spilled past the opening bell, finding support at the premarket low, near the daily pivot. Bulls then unleashed a sharp reversal, rallying relentlessly through the rest of the day, with a final-minute push to the session’s peak of 5975.50.

The session closed near the day/week’s high at 5975.50, up 42.25 handles. That secured a weekly gain of 297.5 handles, or 5.24%. Unfortunately, Moody’s cut the US credit rating from AAA to AA1 after the close, dragging the index futures back towards Friday’s lows. 

Next week brings retail earnings, fedspeak, and S&P flash PMI data Thursday. 

Eli Lilly And Co (NYSE: LLY) snagged the biggest win among top components for the second consecutive day, climbing $25.48, or 3.48%, to close at $757.39.

Keeping the five-theme intact, that outpaced the cash index’s 0.63% gain by over five times. 

Conversely, Broadcom Inc (NASDAQ: AVGO) slumped as the biggest loser, shedding $4.03, or 1.73%, to close at $228.61.