Wednesday’s session in the S&P 500 index futures was a wild ride, scraping a seventh consecutive win by a hair as inflation data and earnings unleashed dramatic swings.
Overnight, bears dominated for the most part, hammering bids as earnings reports and macro data were released. Q1 GDP growth, released at 8:30 AM ET, undershot at -0.3% against a 0.4% forecast, spurring a sharp sell-off that continued as the opening bell rang. Bulls found a floor at 5455.50, just as Personal Consumption Expenditures (PCE) data came in softer than expected at 10:00 AM ET.
| March Report | Actual | Expected | Previous |
| PCE Index (MoM) | 0.0% | 0.0% | 0.3% |
| PCE Index (YoY) | 2.3% | 2.2% | 2.7% |
| Core PCE Index (MoM) | 0.0% | 0.1% | 0.4% |
| Core PCE Index (YoY) | 2.6% | 2.6% | 3.0% |
The fierce rebound clawed back most morning losses, turning choppy but flipping green by the close after a choppy afternoon. The session ended near the intraday high at 5587, up a mere 3.25 handles. After-hours trading extended the high to 5626.25 after earnings reports from Microsoft Corp (NASDAQ: MSFT) and Meta Platforms, Inc (NASDAQ: META) were released.
Thursday is set to bring more heavyweight earnings from Amazon.com, Inc (NASDAQ: AMZN) at 4:01 PM ET and Apple Inc (NASDAQ: AAPL) at 4:30 PM ET.
Eli Lilly And Co (NYSE: LLY) snagged the biggest win among top components, climbing $13.44, or 1.52%, to close at $898.95.
That outpaced the cash index’s 0.04% scratch advance by over 38 times.
Flipping its role from Tuesday, Tesla Inc (NASDAQ: TSLA) slumped as the biggest loser, shedding $9.87, or 3.38%, to close at $282.16.
