The S&P 500 Index Futures registered a robust gain today, securing a two-day winning streak. Early in the regular session, the index found solid support near the premarket low of 4544.75, and subsequently, the rally took off.
The surge was driven by a slew of banking giants, many of which announced earnings before today’s market opened. The reports largely featured stronger-than-expected Q2 results and upped guidance for the rest of the fiscal year, fueling optimism in the market.
The bulls propelled the index to a new intraday high for the recent move at 4594.50, a level not witnessed since April 2022. Despite some minor profit-taking in the last half hour of the session, the index managed to close at 4587.75. This culminated in a 34-handle gain for the day.
Among the top components, Microsoft Corp. (NASDAQ: MSFT) claimed the top spot. The tech giant made a new all-time high and closing high, boosted by the “Buy AI” sentiment and the announcement of the pricing for its new AI-powered 365 Copilot product. Microsoft saw its share price leap by a solid 3.98% or $13.76, closing at $359.49.
This performance easily outpaced the cash index’s advance of 0.73% for the day, achieving over five times the cash index’s growth.
On the flip side, Alphabet Inc. (NASDAQ: GOOGL) ended the day as the biggest loser among the top components. The tech company saw a slight decline in its stock price of 0.71% or $0.89, closing at $123.76.