The market was priced for perfection for May’s Consumer Price Index data and it did not disappoint, coming in below estimates. Investors had been leaning that way over the past four days as well as in the premarket session by never going in the red.
The initial reaction to the report caused a brief that took the index beyond the premarket low, but not by much (4381.75 vs. 4387.25), During the regular session, the index did even touch the top of Monday’s range, finding buyers at 4396 vs. 4389.50.
The index ended up having a smaller-than-average trading range as the index peaked ahead of it at 4323.25. However, it did post a new closing high for the move by adding 28.75 handles at the closing price of 4416.75.
Among top components, Nvidia Corp (NASDAQ: NVDA) was the biggest gainer of the top components of the index. The issue posted a new all time closing high by a wide margin after gaining $15.40 or 3.9% at the closing price of $410.22.
That was over five times the cash index’s gain of 0.66%.
As a result of the downgrade from UBS, Apple Inc. (NASDAQ: AAPL) was the biggest loser of the top components of the index. One day removed from an all-time closing high, the issue declined $0.48 or 0.26% at the closing price of $183.31.