Tuesday’s session in the S&P 500 index futures powered higher, riding a breakout wave fueled by softer inflation data and substantial Trump-led investment deals.
Overnight, bears held the index mostly red, but bulls found support above the daily pivot, rallying from a low of 5835.75. Consumer Price Index (CPI) data at 8:30 AM ET came in below expectations, giving bulls an initial edge that faded by the open.
| April Report | Actual | Expected | Previous |
| CPI (MoM) | 0.2% | 0.3% | -0.1% |
| CPI (YoY) | 2.3% | 2.4% | 2.4% |
| Core CPI (MoM) | 0.2% | 0.3% | 0.1% |
| Core CPI (YoY) | 2.8% | 2.8% | 2.8% |
Reports of $600 billion worth of investment commitment from Saudi across several industries in the US from defense and energy to tech helped ignite the regular session. Blending with Monday’s momentum and CPI tailwinds, the bulls quickly blew past the premarket high. The rally eased near lunch, but higher lows defined a somewhat choppy afternoon, peaking at 5927.
Bears and profit-takers struck in the final 20 minutes, trimming gains from the day’s high. The session still closed in the upper half of the range at 5900.75, up 35.75 handles.
Wednesday is set to bring some fedspeak along with a slowing earnings season. Plus, some market participants are now making a bold prediction: now that the index futures are past 5900, if the bulls keep going, we might just see 6000 in the future.
NVIDIA Corp (NASDAQ: NVDA) snagged the biggest win among top components, soaring $6.93, or 5.63%, to close at $129.93. The issue was helped along by future Saudi-associated investments in its advanced chips and tech.
That outpaced the cash index’s 0.66% gain by over eight times.
Conversely, Eli Lilly And Co (NYSE: LLY) slumped as the biggest loser, shedding $9.51, or 1.26%, to close at $746.06.
