Following Friday’s robust finish, the S&P 500 index futures entered Monday’s session with bullish momentum. The regular session opened with a modest increase of about 16 handles, setting an optimistic tone for the day.
The bulls exerted their influence early on, propelling the index futures towards the 4900 mark, with a peak just shy at 4898.50. However, this upward trajectory faced resistance at this psychological level, initiating a selloff. Despite this, support around Friday’s high provided a buffer, preventing the index from slipping into the red.
The afternoon session was characterized by significant choppiness, with the index oscillating within a narrow 15-handle range. This tentative trading reflected a market in anticipation, as investors and traders brace for a week filled with earnings reports.
The session concluded with the index futures registering a gain of 11.50 handles, closing at 4881, situated within the day’s choppy range.
Among the top components of the index, UnitedHealth Group Inc. (NYSE: UNH) shifted its position from Friday’s downturn, emerging as the biggest gainer for Monday. The healthcare giant climbed by $9.43 or 1.87%, finishing the day at $512.99.
That slightly outperformed the cash index’s gain of 0.23%.
Tesla, Inc. (NASDAQ: TSLA) resumed its role as the session’s biggest loser among the top components. The electric vehicle manufacturer’s stock fell by $3.39 or 1.60%, closing at $208.80, ahead of its earnings release set for Wednesday.
