With the S&P 500 index making a new high and all-time closing high on Friday by a large margin, the stage was set for follow-through in Monday’s session.
During the futures premarket session, the index spent some time in the red. But, when it went green just before the open of the equities premarket session, it never looked back.
After opening the regular session firmly in the green, the bears could not even muster a retreat to the top of Friday’s range and were sent into hibernation. Once the index breached the premarket high, it raced into the 5900 handle before pausing.
In the final hour, the bulls pushed the index into the lower 5900-handle before peaking at 5918.50. A mild round of profit-taking in the final fifteen minutes separated the index from that elevated level.
For the session, the futures added 48.50 handles at the closing price of 5908.25.
Tech powerhouse NVIDIA Corp (NASDAQ: NVDA) was the biggest winner among top components. It did so by posting a new all-time closing high by $3 at the closing of $138.07, gaining a total of $3.27 or 2.43%. Despite making a new all-time closing high, it needs to surpass $140.26 to make a new all-time high.
That performance was nearly triple the cash index’s gain of 0.82%.
Amazon.com Inc. (NASDAQ: AMZN) failed to participate in the rally and was the biggest loser of the top components. After putting in a double-top just under $190.00, the issue was under selling pressure and ended the day in the red by $1.28 or 0.68% to close at $187.54.
