The S&P 500 Index futures carved out a seven-day winning streak today, a feat last witnessed in November 2021. The index underwent a steady decline throughout the overnight session, only to find a resurgence as the bulls stepped in at 6:30am ET, marking a turnaround.
The US trade deficit figures released at 8:30am ET showed a 5% surge for September, lending further strength to the bullish case. Riding on this momentum, the index clawed its way back, opening the regular session near yesterday’s close.
The bullish wave continued past the opening bell, propelling the index past the 4400 threshold, a level that had eluded the futures since mid-October. The session evolved into a battle of wills, with neither the bulls nor bears asserting lasting dominance, as the index seesawed around the 4400 mark.
As the session drew to a close, profit-takers swooped in, pulling the index away from its intraday high. However, this retreat was met with buying in the final few minutes, resulting in a brisk whipsaw movement in the index.
The day’s session concluded with the S&P 500 futures edging up by 11.75 handles to settle at 4396.
Amazon.com, Inc. (NASDAQ: AMZN) was the biggest winner among the index’s top components, establishing a nine-day win streak. The e-commerce titan advanced 2.13% or $2.97, wrapping up the day at $142.71.
That performance beat the cash index’s gain of 0.27% by nearly two percent.
On the flip side, the energy giant, Exxon Mobil Corp. (NYSE: XOM), continued its downward trajectory, shedding another 1.57% or $1.66 to conclude at $104.21. This marked it as the session’s most substantial loser among the top components.
