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On Thursday, the S&P 500 index futures tried to warn investors that the May Consumer Price Index data was not going to be better than expected. It did so by breaching the lower end of a seven day trading range and ended the session far away from the bottom of it.

During premarket trading, the index did spend some time in the green but not very much at all. Once the actual report was released at 8:30 AM, the index collapsed as bears were in control for a vast majority of the session.

The index mounted a 40-plus handle rally off the intraday low going into the final 30 minutes of the session. However, sellers overwhelmed buyers, and an imbalance of nearly 700M to the sell side all but eliminated a chance for a rebound into the close.

The index ended the session just off the low for the day/week by declining 117 handles to close at 3899, which is only ticks off the low close for the year (3897.75).

The biggest gainer of the top components was the smallest loser, That was Johnson & Johnson Inc. (NYSE: JNJ) which declined by $1.16 or 0.67 percent to close at $172.55.

That was over three times better than the cash index’s decline of 2.91 percent.

High-beta Nvidia Corp (NASDAQ: NVDA) was the biggest loser of the top components. The issue extended its losing streak to three sessions by falling $10.74 or 5.95 percent to close at $169.74. previews the Belmont Stakes

Read more on Belmont Stakes here.