Thursday’s S&P 500 index futures clawed their way to a green close, but don’t let that fool you, it was the bears who owned most of the day. 

Overnight, news of Trump’s global reciprocal tariffs being axed by the US Trade Court sparked a bull stampede, pushing the index to a premarket high of 6008 near the psychological 6000 mark. White House comments of a confident appeal kept the headlines rolling, and the bears pounced. From there, it was a steady bleed through premarket, turning choppy into the regular session as sellers tightened their grip.

Support finally showed up near Wednesday’s low, forming a bottom at 5884. After pushing the index futures back into the green, the bulls planted their flag at unchanged. They couldn’t reclaim the overnight glory, but a late push helped the session conclude in the lower half of the day’s range at 5922.75, up 20 handles. 

Tomorrow, market participants can now look to April’s PCE Index dropping at 8:30 AM ET, plus other macro data to help rattle the cages.

The tariff-sensitive NVIDIA Corp (NASDAQ: NVDA) flexed its muscle as the top gainer among top components, surging $4.38, or 3.25%, to $139.19.

That performance was an enormous eight times better than the cash index’s advance of 0.39%.

Alphabet Inc (NASDAQ: GOOGL) wore the loser’s crown, shedding $0.50, or 0.29%, to close at $171.86.