All bids and limited offers are the best way to describe the majority of the price action in the S&P 500 index futures right into the closing bell. Its three-day losing streak from December 16-20 has been followed up by a four-day winning streak that may have more in the tank.
During premarket trading, the index spent very little time below Friday’s all-time closing high price of 4715.75, bottoming just before 3:00 AM EST at 4713.25. During the day session, it easily cleared Friday’s high (4731.25), the former all-time high (4743.25), and kept on going.
The combination of a strong holiday shopping session coupled with no major/negative developments on the Omicron virus front put the bulls firmly in control. Of course, seasonality is playing a role as the Santa Claus Rally (one where stocks climb higher in the final seven trading sessions of a year plus the first two trading days of the New Year) is in full bloom.
The technology sector was a major factor in the major breakout to the upside. Nvidia Corp (NASDAQ: NVDA) was the biggest gainer of the top components. The issue extended its winning streak to four sessions (same as the index) by adding $13.05 or 4.4% to close at $309.45.
That dwarfed the cash index’s gain of 1.38%.
The only loser of the top components, making it the biggest loser was Amazon.com (NASDAQ: AMZN). The issue snapped a five-day winning streak by declining $27.98 or 0.82% to close at $3393.39.
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