For the most part, the S&P 500 index traded just above and below Wednesday’s all-time closing high price (4440.50) during premarket trading. However, a bigger than expected increase in the Producer Price Index at 8:30 AM attracted sellers.
Off the open, the index could not clear the close and went into retreat mode. It easily breached the premarket low, but found support in a familiar area. That level was 4430.25, which was one-tick above the intraday low from Wednesday and three ticks from Tuesday’s closing price (4429.50).
Once the index cleared the close and premarket high, which was just above Wednesday’s high, the pace of the rally accelerated. By day’s end the index peaked at 4456.25 and posted another new all-time closing high by 13.75 handle at 4454.25.
While the financial sector continued to move higher, big technology joined in the bull run. It was led by Apple Inc. (NASDAQ: AAPL) which may break out of its tight 11 day trading range ($144.11-$148.05), ending the day higher by $3.03 at $148.89. The move was supported by its heaviest volume day since July 27.
PreMarket Prep Stock Of The Day: Palantir Tech Group (NYSE: PLTR)
Palantir posted its highest close since July 6 after announcing a better-than-expected Q2 report along with raised guidance.