Bulls bounced back on Tuesday in the S&P 500 index futures, riding a light inflation print to a green close that kept the action inside the recent consolidation range.
The overnight session was not too dramatic, with the index futures spending most of their time below Monday’s close and carving out the day’s low at 7531.50. Once June’s Consumer Price Index came out light, the bulls came out and launched the index futures straight into the green, topping out at 7613.75.
| June Report | Actual | Expected | Previous |
| CPI (MoM) | -0.4% | -0.2% | 0.5% |
| CPI (YoY) | 3.5% | 3.8% | 4.2% |
| Core CPI (MoM) | 0.0% | 0.2% | 0.2% |
| Core CPI (YoY) | 2.6% | 2.9% | 2.9% |
Most of that pop was sold off within minutes, but the regular session still opened in the green. Following the bell, bears went to test unchanged, but were promptly denied by the bulls both times. Comments from Fed Chair Warsh, a hawkish nod to his commitment on price stability, the 2% inflation goal, and broad economic growth, seemed to help spark the bulls into action, though they did not quite reach the morning’s high. The action then turned into chop, bounded by the psychological 7600 level above and Monday’s closing area below. In the final two hours, the index futures settled just beneath that upper band. The session concluded in the upper half of the day’s range at 7591.25, gaining 28.25 handles.
Tomorrow, market participants can look forward to June’s PPI report at 8:30 AM ET, along with a slew of more earnings reports, including some banks in the morning and others after the close.
Among the top components of the index, NVIDIA Corp (NASDAQ: NVDA) emerged as the biggest gainer. The chip designer advanced by $8.27 or 4.06% to close at $211.80 for the day.
That performance was over 11 times better than the cash index’s advance of 0.36%.
Conversely, the biggest loser ended up being Microsoft Corp (NASDAQ: MSFT). For the day, the tech giant declined by $6.06 or 1.55% to close at $384.93.
