The S&P 500 index futures resumed their course upward once again, but not before giving the buy-the-dippers another chance to get long early on in Thursday’s action.
After Wednesday’s close, Arm Holdings plc (NASDAQ: ARM) put a damper on AI-related components such as NVIDIA Corp. (NASDAQ: NVDA), after releasing its latest earnings report which included a lower forecast for AI demand. The index futures retreated by the early morning premarket hours, where it finally caught a bid at 5195. By the open of the regular session, the index was already back up at unchanged.
Following the opening bell, a small selloff ensued after failing to break above the premarket high, but the bulls were ready and soon broke through that same level. While buying continued throughout the day, it was not a smooth rally as resistance was encountered again in the 5233 area. That resistance was eventually overcome in the penultimate hour. Moving to the final hour, the bears tried to gain control, but the bulls stood their ground, turning the previous resistance level into support.
With another round of buying in the final 15 minutes, the regular session was able to tack on a total of 26.25 handles to conclude the day at 5239, one handle off the intraday high.
Among the top components of the index, Apple Inc (NASDAQ: AAPL) emerged as the biggest gainer. After a report that the company intends on powering AI servers with its own in-house chips, the tech titan was able to advance by $1.83 or 1.00% to close at $184.57 for the day.
That performance was slightly better than the cash index’s advance of 0.58%.
On the other hand, the biggest loser ended up being NVIDIA Corp (NASDAQ: NVDA). For the day, the chipmaker declined by $16.65 or 1.84% to close at $887.47.
