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The trading activity of the S&P 500 Index Futures was considerably more subdued today compared to Thursday’s decline. However, this quietude did not prevent a fervent tug-of-war between the bulls and bears.

The day’s trading dynamics were shaped by the digestion of the week’s earnings reports, the Bank of Japan’s policy news, and the release of the PCE inflation data this morning. Specifically, the Core PCE Price Index for June recorded a year-over-year increase of 4.1%, slightly below the estimated 4.2%, a factor that provided a fillip to bullish sentiment.

Trading in today’s regular session stayed comfortably within yesterday’s range (4553.75 – 4633.50). The index futures breached the premarket high soon after the opening bell, steadily rising to the day’s high of 4616.50. Following this high watermark, the bears took control, driving the index almost directly down to the daily low of 4588.75. Nonetheless, the bulls rallied to push the index higher into the close.

The index futures closed at 4606.50, recording a gain for the day of 42.25 handles. This rise represented nearly the entire gain for the week, which stood at +0.93% or 42.50 handles.

Among the top components, Meta Platforms Inc. (NASDAQ: META) was the biggest winner for the day. The stock advanced 4.42% or $13.77, closing at $325.48, as investors continued to assimilate the earnings report released earlier in the week.

This performance was over 3% better than the cash index’s increase of 0.98% for the day.

Conversely, Exxon Mobil Corp. (NYSE: XOM) emerged as the biggest loser among the top components. Following the release of its latest quarterly earnings report this morning, the energy giant’s stock declined 1.20% or $1.26, closing at $104.16.


The Closing Print with Rob Friesen (Co-founder of & Josh Walter