Wednesday’s S&P 500 index futures session stretched the winning streak to four days heading into the Thanksgiving holiday, pushing to fresh all-time highs despite midday chop.
Overnight trading started near the session low of 6778.25, near Tuesday’s close, afterwards camping around the psychological 6800 level. Bulls blasted past the premarket high right after the open, but momentum stalled quickly. November’s Chicago PMI printed well below expectations, seemingly handing control to sellers. The dip proved short-lived as buyers stepped in, initiating some chop.
By late morning, bulls were once again printing new session highs, peaking at 6846.75 around lunchtime. The remainder of the day featured tight chop just under that level. A final test of the high met late profit-taking and light bearish pressure into the close. The regular session closed firmly in the upper half of the range at 6828, up 46.50 handles.
Friday brings an abbreviated post-holiday session, closing at 1:00 PM ET, with no notable earnings or macro releases on tap.
Among top index components, Broadcom Inc (NASDAQ: AVGO) emerged as the biggest gainer. The chip designer surged $12.54 or 3.26% to close at $397.57, carving out fresh all-time highs.
That performance was more than a fortunate four times better than the cash index’s 0.69% advance.
On the other hand, the biggest loser was Alphabet Inc (NASDAQ: GOOGL). For the day, the tech giant slipped $3.49 or 1.08% to close at $319.95.
Happy Thanksgiving!
