Beginning a week set to be full of earnings reports, the S&P 500 index futures chopped around during Monday’s session in the smallest daily range since early July. Among the many top components reporting this week, first up will be Alphabet Inc. (NASDAQ: GOOG, GOOGL), reporting after Tuesday’s close.
The overnight session began with some optimism, but the bears soon put a cap on the initial rally, preventing any significant progress past the 5880 area. Before the open, the bulls also established support above the 5860 area, which was also above the Globex open of 5857.
By the time the opening bell rang, the index futures were trading somewhat near the premarket high, but sellers came in right away to prevent any further gains by the bulls. In many back and forth moves that persisted throughout the day, the bulls and bears tugged on the index futures to steadily mark lower highs, all while staying at or above the 5860 mark.
During the final 10 minutes, the bears initiated a selloff that breached the intraday low, but not by much, bottoming at 5859.50 just before the close. The session concluded just above the day’s low at 5861.50, gaining 15.50 handles.
Among the top components of the index, JPMorgan Chase & Co (NYSE: JPM) emerged as the biggest gainer. The banking behemoth was able to advance by $3.19 or 1.43% to close at $225.50 for the day, marking a new all-time closing high, just under all-time highs.
That performance was over four times better than the cash index’s advance of 0.31%.
Reversing its role from Friday, the biggest loser ended up being Tesla Inc (NASDAQ: TSLA). For the day, the EV maker declined by $6.68 or 2.48% to close at $262.51 as traders and investors took advantage of the recent rally.
