Wednesday’s S&P 500 index futures session had another pop then drop, but this time the bulls won out as the drop was temporary.
Overnight, bulls started to establish bids, but got a boost at 8:30 AM ET when the latest Producer Price Index data came in under expectations.
| June Report | Actual | Expected | Previous |
| PPI (MoM) | 0.0% | 0.2% | 0.3% |
| PPI (YoY) | 2.3% | – | 2.7% |
| Core PPI (MoM) | 0.0% | 0.2% | 0.1% |
| Core PPI (YoY) | 2.5% | – | 2.8% |
Unfortunately the boost didn’t last long, as the bears soon put pressure on the index futures once the bell rang. Bulls defended unchanged, but once a Bloomberg report came out that Trump is likely to fire Powell, it seems everybody hit the sell button. In a swift 50-plus handle flush, a new low was made for the day at 6241, but it was clear there was buying appetite. Nearly as quickly as the drop happened, the bulls soon had the index futures in the green, and were pushing their way to make new highs for the day.
The high of 6308.75 was made just before the close, where only a few sellers appeared. The session wrapped near the day’s high at 6303.25, up 19.25 handles.
Tomorrow, market participants can look forward to another batch of earnings, including TSMC Co. Ltd. (NYSE: TSM) in the morning, Netflix, Inc. (NASDAQ: NFLX) in the evening, along with June’s US retail report at 8:30 AM ET and some fedspeak during the day.
Among the top components, Tesla Inc (NASDAQ: TSLA) emerged as the biggest gainer, advancing $10.89, or 3.50%, to close at $321.67.
That outpaced the cash index’s 0.33% rise by an order of magnitude.
On the other hand, Amazon.com Inc (NASDAQ: AMZN) tanked as the biggest loser, declining $3.16, or 1.40%, to close at $223.19.
