While storms continue to threaten areas of the country, bears took their chance to pressure the S&P 500 index futures during Monday’s session.
The decline began soon after the Globex session commenced Sunday night, and continued until the early morning. After bouncing back from the early premarket low near 5763, the index futures started the regular session near the weekly and daily pivot area (5782). The bulls weren’t able to make much progress past that level as intraday trading continued, but were able to maintain a bid just below that area for most of the session.
As Fed President Kashkari continued his afternoon speech and commented about uncertainty of where a neutral Fed Fund rate may sit, the bears really started to take control. They soon tested support at the premarket low, and once breached, the pace of the decline accelerated. The good news is that the selloff didn’t last too long, with support being found just below Friday’s low. From there, the action turned to chop in the final hour as the bulls tried to regain some of the day’s losses. The session concluded near the day’s low at 5744.75, losing 55.25 handles.
Among the top components of the index, there were only two winners, the biggest of which was NVIDIA Corp (NASDAQ: NVDA). After Super Micro Computer, Inc. (NASDAQ: SMCI) announced they recently deployed more than 100,000 GPUs, reassuring AI demand remains strong, NVIDIA was able to advance by $2.80 or 2.24% to close at $127.72 for the day.
That performance was over three percent better than the cash index’s decline of 0.90%.
Flipping its role once again, the biggest loser was Tesla Inc (NASDAQ: TSLA). For the day, the EV maker declined by $9.25 or 3.70% to close at $240.83.
