Buying the dip continues to work for bulls in the S&P 500 index futures, and this time they were able to hold onto most of their gains during Tuesday’s session.
Bears began the Globex session with a round of selling after details of Trump’s tariff plans were announced, putting support at Monday’s low to the test. Support was breached only for a moment, at which point buy-the-dippers showed up to gain back some ground. By the regular session open, the index futures were comfortably in the green, and bulls maintained a bid up near the premarket high.
Sellers once again tested the bulls’ resolve at the beginning of the intraday session, but bids held above unchanged. Though the action was somewhat choppy, a slow and steady rally continued throughout the rest of the day.
As the close approached, bulls broke through Monday’s high, but were quickly met by sellers in that area. The session concluded near the day’s high at a new all-time closing high of 6038.25, gaining 31.75 handles. Market participants now have to look forward to a slew of economic data being released Wednesday, including the PCE index at 10:00am EST.
Among the top components of the index, Eli Lilly And Co (NYSE: LLY) emerged as the biggest gainer, going the opposite direction as Amgen Inc. (NASDAQ: AMGN). Eli Lilly’s weight-loss drug Zepbound appeared to outperform recent results from Amgen’s MariTide, reinvigorating investors’ confidence in Eli Lilly. The healthcare company was able to advance by $34.32 or 4.55% to close at $789.32 for the day.
That performance was nearly nine times better than the cash index’s advance of 0.52%.
Conversely, the biggest loser was JPMorgan Chase & Co (NYSE: JPM). For the day, the banking behemoth declined by $0.32 or 0.13% to close at $249.97.
