The weakness from the latter part of Friday’s session carried over into Monday’s premarket session. The index was able to distance itself from its existing premarket low by the opening bell, but was unable to reach the bottom end of Friday’s range and turned lower.
The pace of the decline accelerated once the index breached its premarket low, but found buyers ahead of Thursday’s low (5150), only reaching 5157 around 10:15 AM EST.
The bulls mounted a strong bid that came up short of the premarket high (5196) and just under the close from Friday (5192.50), only reaching 5191.50.
During the last ninety minutes of the session, the index traded sporadically in the 5180-5190 area before settling down to close with a loss of 6.75 handles at 5185.75.
Alphabet Inc. Class C (NASDAQ: GOOG) went opposite of the S&P 500 index for the second day in a row. The issue extended its winning streak to three sessions in a row by adding $2.65 or 1.94% at the closing price of $138.94.
That performance was almost two percent better the cash index’s decline of 0.11%.
Conversely, amidst a delay by the FDA regarding its decision for the company’s donanemab Alzheimer’s treatment, Eli Lilly & Co. (NYSE: LLY) was the biggest loser. The issue tumbled for the second day in a row by declining $27.77 or 3.64% at the closing price of $734.77.
