With inflation seemingly under control, bulls took back the reins during Wednesday’s session in the S&P 500 index futures.
Bulls were able to defend Tuesday’s close overnight, but were unable to make significant progress until the all-important inflation data was released. At 8:30am EST, November’s Consumer Price Index (CPI) data was released as follows:
| November Report | Actual | Expected | Previous |
| CPI (MoM) | 0.3% | 0.3% | 0.2% |
| CPI (YoY) | 2.7% | 2.7% | 2.6% |
| Core CPI (MoM) | 0.3% | 0.3% | 0.3% |
| Core CPI (YoY) | 3.3% | 3.3% | 3.3% |
Algos briefly initiated some selling after the in-line data came out, but once market participants had a chance to digest the news, a bull stampede took over. The regular session began near Tuesday’s high, and the rally continued. Once the weekly pivot was breached, the rally somewhat slowed but the bulls pressed on to the psychological 6100 level.
Bids couldn’t quite hold above 6100, and in the last half hour of the session, bears and profit-takers garnished some of the day’s gains. The session concluded somewhat near the day’s high at 6092.75, gaining 46.50 handles. Market participants now have to look forward to PPI data, set to be released Thursday at 8:30am EST.
Among the top components of the index, Broadcom Inc (NASDAQ: AVGO) emerged as the biggest gainer. As their latest earnings report approaches (set to be released Thursday 4:15pm EST), an announcement that Broadcom is working on an AI chip with Apple had investors piling into the issue. The chip designer was able to advance by $11.39 or 6.63% to close at $183.20 for the day.
That performance was over eight times better than the cash index’s advance of 0.77%.
On the other hand, the biggest loser was Apple Inc (NASDAQ: AAPL). After making new all-time highs intraday, the tech giant declined by $1.28 or 0.52% to close at $246.49.
