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Yes, the S&P 500 index futures closed above the psychological 5000 level in the front month contract for the first time, but that isn’t the whole story.

Amidst an earnings-heavy week, the market’s voracious appetite for equities was on full display, undeterred by any poor performance of reporting companies.

The rally ignited in the premarket, gaining momentum even before the release of economic data, such as December’s trade balance, which reported a deficit below expectations at -$62.2B versus -$62.0B forecasted. Despite a brief selloff after the regular session opened just shy of the 5000 mark, the bulls quickly regained control. The rally was led by tech stocks for the most part, notably Meta Platforms, Inc. (NASDAQ: META), which stood out against the backdrop of Snap, Inc. (NYSE: SNAP)’s disappointing Q4 results from Tuesday.

The index futures’ ascent through the 5000 threshold was swift, though the rally’s intensity diminished within the first trading hour. The afternoon saw various Federal Reserve officials’ comments, which ultimately did not catalyze significant market movements, leading to a day of incremental highs and choppy trading.

Closing just shy of the session’s high, the day ended with a solid gain of 40.50 handles at 5015.25.

Meta Platforms, Inc. (NASDAQ: META) took the spotlight as the day’s most significant gainer. Buoyed by its own positive Q4 earnings and contrasting with Snap’s underwhelming report, Meta’s stock surged by $14.87 or 3.27%, closing at $469.59. 

This gain outstripped the cash index’s rise of 0.83% by nearly fourfold.

After today’s rally, the biggest loser ended up being the smallest gainer, Apple Inc. (NASDAQ: AAPL). For the day, the issue established a scratch gain of $0.11 or 0.06% to close at $189.41.