Sometimes investors are leaning the right way into a major report and sometimes they are really leaning the right way. Investors who participated in the two-day buying spree ahead of the June Consumer Price Index report were not disappointed.
With further evidence that rising inflation has been reigned in, the index posted its highest close since April 2022.
Premarket trading was a good indication of the regular session as the index spent very little time in the red and was primed for liftoff following the better-than-expected June CPI report.
The robust rally did find some sellers at the daily price action from April 2022, but did battle any attempts to interrupt the rally. For the session, the index added 34 handles at the closing price of 4507.50.
Among the top components of the index, Nvidia Corp (NASDAQ: NVDA) was the biggest winner. The issue, which came up just shy of its all-time high, did post a new all-time closing high by gaining $14.97 or 3.5% at the closing price of $439.02.
That was nearly three percent better than the cash index’s gain of 0.74%.
Ahead of its Q2 report on Friday, investors are exiting UnitedHealth Group Inc. (NYSE: UNH). For the session, the issue declined by $11.19 or 2.42% at the closing price of $451.70.