After a rough start to the week, the S&P 500 index futures rebounded right back up to where last week ended – 5800. This time, tech components lead the rally while energy issues missed out.
The overnight session remained fairly flat initially, but the bulls kicked into gear in the early morning. Once the opening bell rang, the bulls were comfortably sitting in the green and were eager to add to the gains. An initial round of selling was put to a stop fairly quickly as the bulls were eager to test resistance at the premarket high. Once they made it past that level with a sharp round of buying, the action turned to chop for the rest of the morning.
As Atlanta Fed President Bostic began his remarks during the lunch hour, the bears and profit takers took their chance to sell the morning’s rally. However, resistance at the premarket high had turned into support and the bulls were able to resume their rally in the afternoon.
Buying continued nearly to the end of the day, but sellers seized their opportunity in the final minutes, ahead of September’s FOMC meeting minutes that are set to release Wednesday at 2:00pm EDT. The session concluded near the day’s high at 5800.50, gaining 55.75 handles to recover from Monday’s decline.
Once again, NVIDIA Corp (NASDAQ: NVDA) emerged as the biggest gainer among top components. The chip designer’s AI Summit continued for the second day, and the issue was able to advance by $5.17 or 4.05% to close at $132.89 for the day to establish a five-day win streak.
That performance was still over four times better than the cash index’s advance of 0.95%.
The biggest loser only had a scratch loss, and that was JPMorgan Chase & Co (NYSE: JPM). For the day, the banking behemoth declined by $0.07 or 0.03% to close at $210.75.
