Following wild swings in premarket trading, the S&P 500 index futures started the day in the red and that continued into the start of the regular session. In fact, the index equaled Friday’s low (3744 vs. 3744.50), which was just above the all-important low from last week (3741.25).
Around 11:00 AM, when the index failed to make a new intraday low, the bulls took control. It was not clear sailing to the upside until the index caught a sustained bid above 3800 around 2:30 PM EST.
The relentless move north continued in the final hour and the index, after being red by over 80 handles, finished in the green by 6.75 handles at 3834.
Meta Platforms Inc. (NASDAQ: META) was the biggest gainer of the top components of the index. The issue had one of its best days in months by gaining $8.16 or 5.10 percent to close at $168.19.
That was nearly five times better than the cash index’s advance of 0.16 percent.
The rout in the Crude Oil futures market made Exxon Mobil (NYSE: XOM) the biggest loser of the top components of the index. For the session, the issue declined by $2.73 or 3.1 percent to close at $84.81.
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The big bank makes a big call and investors follow their lead. Read more on Citigroup’s call here.
