Thursday’s session in the S&P 500 index futures was another one full of back and forth, this time with bulls regaining some recent losses following heightened (then relaxed) US-Iran tensions.

Wednesday evening futures trading began with bears continuing to make new lows for the week. After bottoming at a low of 7232.25 early on, buy-the-dippers stepped up through the night, making it back into the green. In the morning, a Trump post about the US hitting Iran “very hard tonight”  seemed to turn the tide towards some selling. Soon after, May’s Producer Price Index (PPI) came in above expectations (1.1% vs. 0.7% exp. MoM), but market participants didn’t react too much.

The regular session started off with chop, and that remained the story for the rest of the morning and first half of the afternoon, with support holding near unchanged. An afternoon post by Trump about the scheduled Iran strikes being cancelled, after discussions have been approved by Iranian leadership. Bulls rocketed to new daily highs, and after some profit-taking from the initial pop, bulls resumed the rally towards Wednesday’s high. In the final half hour, bulls pushed through resistance to top out at a high of 7420, before some light profit-taking in the final minutes. The session concluded near the day’s high at 7396, gaining 117.50 handles.

Tomorrow, market participants can look forward to a few small earnings in the morning, as well as the largely anticipated Space Exploration Technologies Corp. (NASDAQ: SPCX) IPO.

Among the top components of the index, Tesla Inc (NASDAQ: TSLA) emerged as the biggest gainer. The AI/EV company was able to advance by $17.56 or 4.60% to close at $399.15 for the day.

That performance was over twice the cash index’s advance of 1.70%.

Conversely, the biggest loser ended up being Microsoft Corp (NASDAQ: MSFT). For the day, the tech giant declined by $7.02 or 1.77% to close at $390.34.