Monday’s session in the S&P 500 index futures saw the bulls stepping up, driving the index to new all-time highs in anticipation of a week filled with significant earnings reports. The bullish sentiment started with a defense of the 4900 area after the Sunday evening open in futures trading. Despite a lack of a clear trend in the premarket session, the regular session opened marginally higher.
Throughout the morning, the index futures saw no distinct trend, fluctuating in a narrow range between green and red. However, the narrative shifted in the afternoon. As the index inched to new intraday highs, it began challenging last week’s highs, below 4934.75 (Friday’s high). The final hour saw a breakthrough, with short sellers covering their positions and buyers coming in, driving a surge in the market.
The day closed just shy of the highs, with the index futures finishing at 4954.50, up by 38.25 handles.
This week is poised to be a critical one for the index, with major earnings reports scheduled including Microsoft Corp. (NASDAQ: MSFT) and Alphabet Inc. (NASDAQ: GOOG) set to release after Tuesday’s close, and Apple Inc. (NASDAQ: AAPL), Amazon.com, Inc. (NASDAQ: AMZN), and Meta Platforms, Inc. (NASDAQ: META) following after the close on Thursday.
Among the top components of the index, Tesla, Inc. (NASDAQ: TSLA) emerged as the biggest winner for the day, recouping some of its recent losses after last week’s Q4 earnings report. The issue climbed by $7.68 or 4.19%, ending the day at $190.93.
This performance was over three percent better than the cash index’s increase of 0.79%.
On the other hand, Berkshire Hathaway, Inc. (NYSE: BRK-B) experienced a small decline, ending the session as the biggest loser among the top components. The stock slid by $2.22 or 0.58%, closing at $383.18.
