Tuesday’s S&P 500 index futures put in fresh all-time highs after June’s CPI report, but tariff woes weighed heavy as bears claimed the day.
Overnight, bulls, with NVIDIA’s help, nudged the index futures toward all-time highs, and some more fireworks hit at 8:30 AM ET when CPI data sparked a surge to 6343.
| June Report | Actual | Expected | Previous |
| CPI (MoM) | 0.3% | 0.3% | 0.1% |
| CPI (YoY) | 2.7% | 2.7% | 2.4% |
| Core CPI (MoM) | 0.2% | 0.3% | 0.1% |
| Core CPI (YoY) | 2.9% | 3.0% | 2.8% |
That pop was short-lived, sold off fast, with buyers clawing back some ground by the regular session open. The overnight rally fizzled quickly, and a day-long decline unfolded with steady lower highs. By lunch, the index futures tested 6300 support, but the full break came in the final minutes with a flush of selling, sealing the close near the day’s low at 6284, down 27 handles. After hours, the low plunged to 6272.50, probing support at last week’s low.
Tomorrow, market participants can brace for PPI data at 8:30 AM ET and more earnings in the morning and evening.
Among the top components, NVIDIA Corp (NASDAQ: NVDA) emerged as the biggest gainer, surging $6.63, or 4.04%, to $170.70, marking new all-time highs after getting the green light for more China chip exports.
That outpaced the cash index’s 0.43% drop by over four percent.
On the other hand, Eli Lilly And Co (NYSE: LLY) tanked as the biggest loser, declining $27.59, or 3.45%, to close at $771.75.
