Bulls seized control on Thursday and powered the S&P 500 index futures straight through recent resistance, notching fresh all-time highs and a healthy gain for the day.

Overnight was calm once again. Bulls defended an early low at 7764.25 and slowly worked their way higher through the night. July’s Producer Price Index (PPI) arrived below expectations, with the headline reading flat at 0.0% MoM against 0.2% expected and Core coming in at 0.2% MoM versus 0.3% expected. The report also carried a slight upward revision to the prior month’s figure. After the initial volatility from the inflation data calmed, bulls steadily pushed the index futures up to new premarket highs.

Once the opening bell rang, bulls and bears initially battled it out, with buyers running right into resistance at the recent triple-top and the psychological 7800 area. After bulls finally cleared that hurdle, it was off to the races. The rally powered straight through the previous all-time highs and topped out at a new record of 7838.50. From there, bids started to falter and profit-takers moved in to take advantage of the run, though the selloff came to a halt at the 7800 level where support held steady. Over the lunch hour, bulls slowly made progress again without much pushback from the bears, and that light rally plateaued in the final hour. The session concluded in the upper half of the day’s range at 7822.50, gaining 52 handles.

Friday, market participants can look forward to some minor macro data in the morning, along with a few earnings reports arriving mostly in the morning as well.

Among the top components of the index, Tesla Inc (NASDAQ: TSLA) emerged as the biggest gainer. The AI/EV company advanced by $12.45 or 3.80% to close at $339.96 for the day.

That performance was a fabulous five times better than the cash index’s advance of 0.70%.

Conversely, the biggest loser ended up being Amazon.com Inc (NASDAQ: AMZN). For the day, the e-commerce giant declined by $2.15 or 0.80% to close at $265.13.