Traders and investors ate up all the good news they could, pushing the S&P 500 Index futures slightly higher, which extended the winning streak to eight days – a spectacle last observed in November 2021.
Wednesday’s overnight and premarket sessions were similar to Tuesday’s, with a decline overnight, and rise in the morning.
Shortly after the regular session open, the index set a new high for the week, albeit marginally. However, the bears made their presence felt before noon, nudging the index close to Tuesday’s low. Echoing the prior day’s rhythm, the bulls re-entered at noon ET, diligently pushing the index upward, inching close to the morning’s intraday high by the session’s end.
The index futures have bobbed within a narrow 43.50 handle range this week, hinting at ongoing consolidation at, and just below, the 4400 threshold. Despite somewhat hawkish murmurs from the Fed, the index managed to secure a modest uplift of 3.50 handles, closing at 4399.50.
Eli Lilly and Co. (NYSE: LLY) was the biggest winner amongst the top components of the index, surging towards record highs buoyed by the FDA’s approval of a new weight-loss medication. The pharmaceutical giant closed the day up by 3.20% or $19.20 at $619.13
That performance significantly beat the cash index’s modest uptick of 0.08%.
Conversely, Exxon Mobil Corp. (NYSE: XOM) continued its downward trend for the fourth consecutive day, diminishing another 1.23% or $1.28 to settle at $102.93.
