The Producer Price Index reading for June followed suit with Wednesday’s decline in the Consumer Price Index. The reading revealed a slight rise for the month, with core PPI subsiding.
Similar to Wednesday’s premarket action, the S&P 500 index was already showing a nice gain ahead of the report. The index ticked lower for a brief moment and then added to its gains. The index easily cleared the premarket high and kept on grinding higher without any significant retreats.
The upward momentum carried into the final hour, but finally found sellers in the last fifteen minutes of the session. Sellers emerged just above the psychological resistance level of 4550, peaking at 4551.50.
Even with the mild retreat into the close, the index added 32 handles at the closing price 4539.50.
Among the top components of the index, Nvidia Corp (NASDAQ: NVDA) was the biggest winner. The issue opened well above its all time high and kept on going. For the session, the issue added $20.82 or 4.74% at the closing price of $459.84.
That was over five times the cash index’s gain of 0.85%.
Investors did not take a liking to the Exxon Mobil (NYSE: XOM) all stock deal for Denbury Inc. (NYSE: DEN), making it the biggest loser of the top components. For the session, XOM declined $1.91 or 1.8% at the closing price of $104.58.
