After last week’s selloff, the S&P 500 index futures seem to have found more balance between the pull of bulls and bears, at least during Monday’s session.
Overnight, the bulls were able to maintain an edge over the bears, however the index futures fell back around unchanged by the time premarket equities trading began. The regular session began slightly in the green, but soon the bulls had to defend the premarket low area.
November’s home builder confidence index was announced at 10:00am EDT, coming in at 46, above expectations of 42. This helped spur the bulls into action, along with several other headlines. The bulls maintained a steady rally up past the premarket high and into the 5930’s. Unfortunately, sellers were lurking in that area, soon putting a damper on the day’s gains.
As the bulls and bears battled it out in the afternoon, the index futures didn’t see any red for the rest of the session. The choppiness finally came to an end in the upper half of the day’s range at 5920, gaining 23.50 handles. Asides from the week’s upcoming economic news, market participants can look forward to many company earnings reports, including NVIDIA Corp.’s (NASDAQ: NVDA) on Wednesday after market close.
Among top components of the index, Tesla Inc (NASDAQ: TSLA) emerged as the biggest gainer for the second day in a row. After Trump’s transition team announced they are planning autonomous vehicle regulation, the EV maker was able to advance by $18.02 or 5.62% to close at $338.74 for the day.
That performance was a lucky 13 times better than the cash index’s advance of 0.41%.
On the other hand, the biggest loser was Eli Lilly And Co (NYSE: LLY) for the second day in a row. For the day, the healthcare company declined by $19.00 or 2.55% to close at $727.20, establishing a five-day losing streak with a total loss of 12.9%.
