As many traders know, most of the day’s action can often take place in the first hour, and sometimes the last hour of the regular session. Wednesday’s session in the S&P 500 index futures turned out to be a textbook example of how crucial those opening and closing hours can be.
Early in the day, bullish momentum from the premarket carried the index futures up to match Tuesday’s intraday high. However, the initial triumph was quickly challenged as the opening bell rang. A swift downturn ensued, dragging the index towards Tuesday’s closing level, yet the day’s remained in green territory. This bullish support set the stage for a coming rebound.
In contrast with recent days’ closing sell-offs, the bulls orchestrated a robust rally in the day’s final hour. This surge not only surpassed the premarket highs but also confidently breached the psychological 5300 level.
The session wrapped up just below its highs, recording a notable gain of 43 handles to secure a new all-time closing high at 5308.25.
Apple Inc (NASDAQ: AAPL) stood out among the index’s heavyweights, showcasing resilience even as the broader market wavered in the morning. The tech giant notched a $3.60 or 2.12% increase, closing at $173.31.
This outperformed the cash index’s 0.84% climb over twofold.
Conversely, NVIDIA Corp (NASDAQ: NVDA) faced headwinds as market participants opted to cash in ahead of the month and quarter’s end, making it the biggest loser for the second consecutive day. The chipmaker’s shares dipped $23.11 or 2.50%, closing at $902.50, with the majority of losses materializing shortly after the session began.
