Wednesday’s S&P 500 index futures notched new all-time highs, though lurking sellers kept the bulls on edge.

Overnight, with only profit-takers to fend off, bulls climbed from a low of 6461 to new all-time highs through premarket hours. The regular session opened near the psychological 6500 level, sparking an opening rally to 6502.50, but the gains didn’t stick as profit-takers quickly pounced.

After surrendering nearly all their progress, bulls dug in around Tuesday’s close, turning the action choppy. Fed Goolsbee’s warning about rising CPI components unrelated to tariffs spurred sellers to test support near unchanged one last time, but bids held firm, igniting a choppy rally back into the green. Last-minute buyers sealed the deal above the midpoint at a new all-time closing high of 6488.75, up 20.25 handles. 

Tomorrow brings July’s PPI report at 8:30 AM ET and a few more earnings in the morning and evening.

Among the top components, Eli Lilly And Co (NYSE: LLY) emerged as the biggest gainer, surging $20.60, or 3.22%, to close at $660.49 after promising weight loss drug sales in India.

That outpaced the cash index’s 0.34% rise by a neat nine times.

On the other hand, Microsoft Corp (NASDAQ: MSFT) tanked as the biggest loser, declining $8.66, or 1.64%, to close at $520.58.