As market participants eagerly anticipate inflation data to be released Tuesday and Wednesday morning, the S&P 500 index futures repeated action seen Friday, nearly to a T.
Starting overnight trading in the same area that Friday’s overnight session did, buyers stepped in to make consistently higher lows in the index futures. Apart from a couple small selloffs, the bulls held nearly full control of the premarket session and marked the premarket high at 5264, matching Friday’s high.
Off the regular session open, the bulls were unable to retain control and the rally stopped in its tracks. Similar to Friday’s session, a sharp selloff soon followed below 5264, taking the index quickly back down to unchanged and continuing lower. The selling pressure continued until support was found near the same level as Friday’s session (5233 area). The similarities continued as buyers started to step in once again, bringing the index back up to unchanged by the final hour of trading.
Monday’s scratch session concluded nearly exactly at Friday’s closing level at 5245.50, losing just 0.75 handles.
Reversing its role from last week, Tesla Inc (NASDAQ: TSLA) broke its four-day losing streak and emerged as the biggest gainer among top components. The EV maker was able to advance by $3.42 or 2.03% to close at $171.89 for the day.
That performance was over two percent better than the cash index’s advance of 0.01%.
The biggest loser among top components of the index ended up being Meta Platforms Inc (NASDAQ: META). For the day, the tech issue declined by $8.19 or 1.72% to close at $468.01.
