Between AI optimism and news from the Trump-Xi summit in China, bulls continued their momentum toward new all-time highs in the S&P 500 index futures during Thursday’s session.

Overnight, bulls choppily pushed to new all-time highs from a low of 7471, though the new highs were only by a modest margin. As morning macro data hit the tape, including the April import and export price index far exceeding expectations and hotter-than-expected US retail sales, the tide turned to sellers. That shift also coincided with bulls hitting resistance at the psychological 7500 level.

The regular session still commenced comfortably in the green, and bulls took off right away. After first hitting bears near the premarket high, buyers stepped right back in, and once they cleared the 7500 handle, kept the rally rolling steadily until it reached a high of 7540. Once progress stalled, profit-takers stepped in, but the selloff remained minor, finding support above 7500. Bulls then recovered some of the morning’s gains, and the index futures chopped quietly for the rest of the afternoon with no significant moves in either direction. The session concluded at a new all-time closing high of 7525.50, gaining a healthy 56 handles.

Tomorrow, market participants can look forward to some minor macro data in the morning along with a few earnings reports.

Among the top components of the index, Broadcom Inc (NASDAQ: AVGO) emerged as the biggest gainer. The chip designer was able to advance by $23.00 or 5.52% to close at $439.79 for the day after a price target raise and a bullish AI chip thesis hit the wires. 

That performance was a significant six times better than the cash index’s advance of 0.79%.

Conversely, the biggest loser ended up being Amazon.com Inc (NASDAQ: AMZN). For the day, the e-commerce giant declined by $2.91 or 1.08% to close at $267.22.