Friday’s S&P 500 index futures session rode a wave of bullish momentum, fueled by lighter-than-expected CPI data, marking the return of the index’s tendency to close at the extreme end of its weekly range with new all-time highs.
Overnight, bulls built a gradual rally from a low of 6776.50, approaching 6800 by the 6:30 AM ET CPI release.
| September Report | Actual | Expected | Previous |
| CPI (MoM) | 0.3% | 0.4% | 0.4% |
| CPI (YoY) | 3.0% | 3.1% | 2.9% |
| Core CPI (MoM) | 0.2% | 0.3% | 0.3% |
| Core CPI (YoY) | 3.0% | 3.1% | 3.1% |
The softer inflation data sparked a surge, propelling index futures straight to new all-time highs. The initial pop saw some selling, but the rally persisted. At the opening bell, sellers triggered a brief dip, which buyers quickly scooped up. Bulls then tested resistance near the premarket high, pushing to a session (and all-time) peak of 6841.25 before lunch.
The rally stalled, with bids holding near the high through much of the afternoon. Profit-takers and sellers emerged in the final half hour, but the session ended at a new all-time closing high of 6827, up 52 handles, contributing to a healthy weekly gain of 124.50 handles or 1.86%.
Next week brings the latest FOMC interest-rate decision and Powell’s press conference Wednesday, a slew of earnings, including five of the top 10 index components on Wednesday and Thursday, and, if the government shutdown ends, macro data including September’s PCE index.
Among top index components, Broadcom Inc (NASDAQ: AVGO) led as the biggest gainer, rising $9.84 or 2.86% to close at $354.13.
That outperformed the cash index’s 0.82% advance by over three times.
Tesla Inc (NASDAQ: TSLA), flipping from Thursday’s gain, was the biggest loser, falling $15.26 or 3.40% to close at $433.72 as investors took profits on its post-earnings surge.
