Tuesday’s S&P 500 index futures session extended the Santa rally despite hotter-than-expected delayed macro data injecting brief volatility in the thin holiday week.
Overnight trading stayed muted around unchanged. At 8:30 AM ET, Q3 GDP printed a strong 4.3% QoQ gain versus 3.3% expected, initially handing bears control, who pressed to a low of 6913.25. Once the regular session opened, bulls aggressively bought the dip, surging past Monday’s high.
A fleeting selloff followed, coinciding with softer consumer confidence at 8:00 AM ET, but buyers absorbed it quickly and resumed the advance. The rally pushed steadily to fresh highs over lunch and into the afternoon with minimal resistance. Minor volatility surfaced in the final minutes, peaking at 6963.75. The regular session closed near that high at 6961, up 30.75 handles.
Wednesday features a shortened session closing at 1:00 PM ET.
Among top index components, NVIDIA Corp (NASDAQ: NVDA) emerged as the biggest gainer. The chip designer rose $5.52 or 3.01% to close at $189.21, extending a four-day winning streak.
That performance was a significant six times better than the cash index’s 0.46% advance.
For the second day in a row, the biggest loser was Walmart Inc (NYSE: WMT). For the day, the retail giant fell $1.70 or 1.51% to close at $110.90, marking a four-day losing streak.
