The S&P 500 index futures remained near all-time highs as buy-the-dippers stepped in once again, though bulls were unable to push to a fresh record during Tuesday’s session.
Overnight, bulls fought off an early leak and set the low at 7576.50. As the regular session approached, bears went to test that low amid reports of Iran negotiations breaking down, but bulls quickly picked up the dip. They built a steady rally that carried into the regular session and finally moved into green territory after the first hour. The rally topped out at 7632, forming a double-top with Monday’s all-time high.
Profit-takers trimmed some gains with light selling afterward, but bulls defended unchanged through the afternoon and added modest strength in the final hour to secure another green close. The session concluded at a new all-time closing high of 7623.75, gaining 10.50 handles and extending the win streak to nine days.
Tomorrow, market participants can look forward to May’s S&P services PMI and ISM services data after the open, along with other minor macro releases and the latest Fed Beige Book in the afternoon, all mixed with a busy earnings calendar including Broadcom Inc (NASDAQ: AVGO) after the close.
Among the top components of the index, Broadcom Inc (NASDAQ: AVGO) emerged as the biggest gainer. The chip designer advanced by $21.60 or 4.70% to close at $481.57 for the day.
That performance was over 33 times better than the cash index’s advance of 0.14%.
Conversely, the biggest loser ended up being Microsoft Corp (NASDAQ: MSFT). For the day, the tech giant declined by $19.21 or 4.17% to close at $441.31.
