Tuesday’s S&P 500 index futures rocketed back to new all-time highs, barely, with CPI igniting the bulls’ fire.
Market participants held their breath until the latest Consumer Price Index (CPI) data dropped, keeping action muted with a low of 6391.25.
| July Report | Actual | Expected | Previous |
| CPI (MoM) | 0.2% | 0.2% | 0.3% |
| CPI (YoY) | 2.7% | 2.8% | 2.7% |
| Core CPI (MoM) | 0.3% | 0.3% | 0.2% |
| Core CPI (YoY) | 3.1% | 3.1% | 2.9% |
Once the slightly light report hit, buying algos blasted the index futures past Monday’s high, but profit-takers pounced on the quick pop. The regular session opened green, yet sellers lingered, setting the stage for a tussle.
Bids firmed above the 4600 level, and with momentum building after the first half hour, bulls charged steadily through the rest of the day, slowing just under the prior all-time high. A few last-minute buyers pushed the all-time high to 6470 just before the close. The session wrapped at 6468.50, up 68.75 handles.
Tomorrow brings some fedspeak and a light earnings slate.
Among the top components, Meta Platforms Inc (NASDAQ: META) emerged as the biggest gainer, surging $24.13, or 3.15%, to close at $790.00 after reports of Threads hitting 400M active monthly users, marking new all-time highs in the process.
That outpaced the cash index’s 1.06% rise by over double.
There were no losers among the top components, therefore the smallest winner was Amazon.com Inc (NASDAQ: AMZN). The issue only advanced by $0.17, or 0.08%, to close at $221.47.
