Thursday’s S&P 500 index futures clawed back ground, shaking off overnight pressure to close in the green, but still in the consolidation range around 6000.
Premarket action saw bears pressuring the index futures, dragging them below 6000 to a low of 5987.75, right near Monday and Tuesday’s double bottom. Then came the 8:30 AM ET Producer Price Index (PPI) data, softer-than-expected, lighting a fire under the bulls and sparking a sharp rally.
| May Report | Actual | Expected | Previous |
| PPI (MoM) | 0.1% | 0.2% | -0.2% |
| PPI (YoY) | 2.6% | 2.6% | 2.5% |
| Core PPI (MoM) | 0.1% | 0.3% | -0.1% |
| Core PPI (YoY) | 2.7% | -% | 2.9% |
The regular session still kicked off in the red, but bulls continued their premarket move, flipping the index positive and pushing it to a high of 6050 before lunch. Afternoon trading turned choppy just below this level. A last-minute buying burst locked in the day’s gains, up 20.50 handles at 6049.50. The bulls also slightly pushed the high to 6051.25 in after hours trading.
Tomorrow, there isn’t much for market participants to look forward to for earnings or macro data, other than June’s preliminary consumer sentiment reading at 10:00 AM ET.
Among the top components, NVIDIA Corp (NASDAQ: NVDA) stole the show as the biggest gainer, jumping $2.17, or 1.52%, to $145.00.
That trounced the cash index’s 0.40% rise by over three-to-one.
Meanwhile, Tesla Inc (NASDAQ: TSLA) skidded, dropping $7.29, or 2.23%, to $319.11, marking it the day’s biggest loser among top components.
