Friday’s S&P 500 index futures session didn’t quite finish right at the high, but still notched new weekly highs, proving its tendency for finishing the week on an extreme end.
Similar to every day this week, the bulls started in the overnight session in control. However, the low was yet to be made. By the morning, bulls were comfortably in the green, but the personal consumption expenditures (PCE) index came in fairly flat, which was enough to break the momentum.
| May Report | Actual | Expected | Previous |
| PCE (MoM) | 0.1% | 0.1% | 0.1% |
| PCE (YoY) | 2.2% | 2.3% | 2.2% |
| Core PCE (MoM) | 0.2% | 0.1% | 0.1% |
| Core PCE (YoY) | 2.7% | 2.6% | 2.6% |
The regular session opened slightly above unchanged, with bulls reigniting their rally, brushing past the premarket high despite choppy seller jabs above that level. They hit a day’s high of 6239 over lunch, but Trump’s Iran bombing talk helped bears flip the script, driving the index futures down into the red.
Support held firm just above the daily pivot, sparking a bull rebound that surged during the final hour as the Russell rebalance neared. With a strong finish, the index futures wrapped at 6223.75 with a 28.75-handle gain. For the week, that makes a solid 205.75-handle or 3.42% rise.
Next week brings June’s employment report on Thursday along with other macro data and only a couple earnings reports. Markets will be closed Friday for Independence Day as well.
Among top components of the index, Alphabet Inc (NASDAQ: GOOGL) led the charge, gaining $4.99, or 2.88%, to close at $178.53.
That outpaced the cash index’s 0.50% rise by over five times.
On the other hand, Eli Lilly And Co (NYSE: LLY) took the biggest hit, slipping $19.67, or 2.47%, to $775.45, dragging as the day’s biggest loser.
