Friday’s session in the S&P 500 index futures roared back to life, with Fed Chair Powell’s dovish comments igniting a bullish surge towards all-time highs, flipping a five-day losing streak into a weekly gain. The rally’s vigor signaled renewed optimism as rate cut hopes flared.

Overnight, bulls battled sellers, finding a floor at 6364 near Wednesday’s low, forming a triple-bottom in that area with Thursday’s low. Optimism swelled pre-open, with bulls pushing up the premarket high. The regular session erupted with buying, only to hit sellers until Powell’s 10:00 AM ET remarks. Powell hinted at a policy shift, helping bulls unleash a 60+ handle rocket, blasting through previous highs made during the week. 

Resistance loomed just shy of the psychological 6500 mark, peaking at 6496.25, where the rally plateaued for the rest of the day. With scant selling, the session closed near the day’s high at 6483.25, up a robust 95 handles, securing a weekly gain of 11.75 handles, or 0.18%. 

Next week brings some fedspeak, July’s PCE index Friday, and NVIDIA Corp (NASDAQ: NVDA)’s earnings Wednesday evening. 

Tesla Inc (NASDAQ: TSLA) flipped Thursday’s loss to snag the biggest win among top components, soaring $19.90, or 6.22%, to close at $340.01.

That outpaced the cash index’s 1.54% gain by a fabulous four times. 

No top components posted losses, leaving Berkshire Hathaway Inc (NYSE: BRK.B) as the smallest gainer, inching up $0.40, or 0.08%, to close at $489.00.