Whether it was the shortened week or market participants starting their summer holidays, Monday’s action in the S&P 500 index futures was somewhat quiet, especially compared to Friday’s session.
Overnight, the bulls were able to keep the index futures in the green, despite an attempt by the bears to breach that level during the premarket session. When the opening bell rang, the bulls were testing resistance near the premarket high. In short, the bulls failed. Before long, the bears had the index in the red and were testing support near last week’s low, breaching that level by just over 5 handles.
The bulls fought back near that support level, and after a few tries, were finally able to sustain a rally back above Friday’s close. For the remainder of the day, the action was fairly muted, staying mostly in the green. During the final hour, the bears tested Friday’s closing level once again, but the bulls ultimately won out. The session concluded in the upper half of the day’s range at 5532, advancing by 10.50 handles.
Among the top components of the index, Tesla Inc (NASDAQ: TSLA) emerged as the biggest gainer. Continuing its rally from last week, the EV maker was able to advance by $11.98 or 6.05% to close at $209.86 for the day.
That performance was over 28 times better than the cash index’s advance of 0.21%.
The biggest loser ended up being Berkshire Hathaway Inc Class B (NYSE: BRK.B). For the day, the holding company declined by $1.62 or 0.40% to close at $405.19.
