Wednesday’s session in the S&P 500 index futures shrugged off inflation concerns, and bulls resumed making new all-time highs (ATHs) after buying up the dip.

Overnight, bulls slowly rallied from red to green, touching the previous all-time high. However, April’s PPI data came in hot in the morning, with the headline number at 1.4% MoM versus 0.5% expected. There was a small initial selloff that bulls quickly bought, but bears struck back once the opening bell rang. The decline continued down to psychological support, bottoming at a low of 7399 just as reports of potential US-China tariff cuts emerged.

That news helped turn the tide. Bulls sprang into action, buying up the morning dip and pushing back into the green. They soon broke through the previous all-time high and continued the rally. After plateauing in the final two hours, bulls reached a new all-time high of 7483.75 before profit-takers trimmed a few handles in the closing minutes. The session concluded at a new all-time closing high of 7469.50, gaining 43 handles.

Tomorrow, market participants can look forward to April’s retail sales report at 8:30 AM ET, along with another load of earnings reports before the open and after the close.

Among the top components of the index, Alphabet Inc (NASDAQ: GOOG) emerged as the biggest gainer after reports of talks with SpaceX for AI data centers. The tech giant advanced by $15.22 or 3.97% to close at $399.04, marking a new all-time closing high.

That performance was a magnificent seven times better than the cash index’s advance of 0.56%.

Conversely, the biggest loser ended up being Microsoft Corp (NASDAQ: MSFT). For the day, the tech giant declined by $2.56 or 0.63% to close at $405.21.