Friday’ price action, especially late in the session, coupled with an unstable geopolitical situation had investors nervous over the weekend. However, the premarket traders were aggressive buyers as the index spent very little time in the red during that session.
Following a 20+ handle higher opening for the regular session, the index zigged and zagged in the first 30 minutes of the regular session and then caught a strong bid. The index was able to clear the closing high for last week (4409.75), but the bears got aggressive during the lunch hour and instigated a 20+ handle retreat.
However, the bulls went on the offensive and nudged the index back to the highs for the session heading into the final fifteen minutes of the day. When it failed to make a new high, another wave of sellers emerged in the final few minutes, taking the index off the highs for the session.
The end result was a gain of 43.75 handles at the closing price of 4401.
Among the top components of the index, Amazon.com Inc. (NASDAQ: AMZN) was the biggest gainer. The ring leader of mega cap technology stocks in Monday’s session added $2.76 or 2.1%.
That performance was nearly double the cash index’s advance of 1.06%.
Conversely, UnitedHealth Group Inc. (NYSE: UNH) reversed its roll from Friday and was the biggest loser of the top components. The issue was subject to mild profit-taking after its strong performance on Friday following its Q3 beat and raised guidance. For the session, the issue declined by $1.37 or 0.25% at the closing price of $538.03.
