Thursday’s S&P 500 index futures session saw buy-the-dippers step up, forging a three-day win streak, though falling short of new all-time highs.
Overnight, the index straddled Wednesday’s close, hovering there until 8:30 AM ET when July’s Producer Price Index (PPI) report hit with higher-than-expected figures, triggering a nearly 40-handle swoon to 6453.25.
| July Report | Actual | Expected | Previous |
| PPI (MoM) | 0.9% | 0.2% | 0.0% |
| PPI (YoY) | 3.3% | 2.5% | 2.4% |
| Core PPI (MoM) | 0.9% | 0.2% | 0.0% |
| Core PPI (YoY) | 3.7% | 2.9% | 2.5% |
Dip buyers jumped in fast, lifting the index back up as the regular session opened in the red. Bulls clawed into green by the end of the first hour, hitting resistance just under Wednesday’s high. From there, sellers struck back at a slower pace. Support held near the session open, sparking another green push. After some more tug-of-war action, the bulls peaked at 6496 before last-minute sellers trimmed most gains. The session wrapped near the day’s high at 6490.50, up a scratch 1.75 handles.
Friday is set to bring retail sales data in the morning and a break from earnings reports.
Among the top components, Eli Lilly And Co (NYSE: LLY) led for the second day, surging $23.91, or 3.62%, to $684.43, marking a four-day win streak.
For some quick math, that outpaced the cash index’s 0.01% rise by over 362 times.
On the other hand, Tesla Inc (NASDAQ: TSLA) tanked as the biggest loser, declining $3.65, or 1.08%, to close at $335.58.
