Thursday’s S&P 500 index futures ticked to new all-time highs and an all-time closing high, but stayed locked in the recent 6250-6350 consolidation range, now with at least one double-top near the top end.
Overnight, bulls and bears traded blows, hitting a low of 6288.25 before the morning macro news sparked a more consistent lift. June’s US Retail Sales crushed expectations while the import price index came in soft, helping to fuel a premarket pop that was mostly sold off by the opening bell. Still, the bulls didn’t fold, igniting a bid that carried the day.
With some difficulty, the rally built with higher lows throughout the session, plateauing in the final hour after breaching to a fresh all-time high of 6345.50. Muted closing action wrapped the session near that peak at 6340.50, up 37.25 handles.
Friday’s session brings a few more earnings in the morning.
Broadcom Inc (NASDAQ: AVGO) led the pack among top components, surging $5.64, or 2.01%, to $286.45, marking new all-time highs. The issue was aided by a positive report and forecasts from Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE: TSM) released Thursday morning.
That outpaced the cash index’s 0.61% gain by over three times.
On the other hand, Eli Lilly And Co (NYSE: LLY) tanked as the biggest loser among top components, declining $28.14, or 3.56%, to $761.50.
