Wednesday’s S&P 500 index futures session pulled further from recent all-time highs as big-bank earnings and mixed macro data kept pressure on the market.
| November Report | Actual | Expected | Previous |
| PPI (MoM) | 0.2% | 0.3% | 0.1% |
| PPI (YoY) | 3.0% | – | 2.8% |
| Core PPI (MoM) | 0.2% | – | 0.7% |
| Core PPI (YoY) | 3.5% | – | 3.4% |
Overnight bids faded from a high of 7002.50, with selling accelerating as early bank reports hit. The delayed November PPI printed below expectations on the headline, offering no relief to bulls and handing control to sellers. The regular session opened with a brief battle before bears took the upper hand. A fleeting Supreme Court delay on Trump tariff legality rulings briefly favored buyers, but the reprieve was short-lived.
The selloff resumed until support emerged in the 6920s. Dip-buyers stepped in, though bears probed fresh lows by lunchtime, bottoming at 6923.25. That level held through repeated tests, and bulls finally lifted away from danger in the final two hours. Volatility spiked near the close but finished with buyers edging out sellers. The regular session closed near the midpoint at 6966.25, down 35.50 handles.
Thursday brings delayed November US import prices, January manufacturing data at 8:30 AM ET, scattered fedspeak, and continued bank earnings.
Among top index components, there were no winners, therefore Alphabet Inc (NASDAQ: GOOG) emerged as the smallest loser. The tech giant slipped $0.12 or 0.04% to close at $336.31.
That performance was still better than the cash index’s 0.49% decline.
The biggest loser was Broadcom Inc (NASDAQ: AVGO). For the day, the chip designer fell $14.72 or 4.15% to close at $339.89.
