As the big earnings week continues its kickoff, the S&P 500 index futures appears to have found a new range for Tuesday’s session between Monday’s high and Friday’s low.
Apart from some back and forth overnight, it was ultimately the bears that had the edge over the bulls by the regular session open. The bears soon breached the premarket low post-open, but the selloff came to an abrupt halt at Friday’s low. The bulls then took hold of the reins and started their comeback.
At 10:00am EDT, October’s Consumer Confidence survey came in above expectations (108.7 vs. 99.5 exp.) and September’s Job Openings came in under expectations (7.44M vs. 8.0M exp.). The data releases introduced some volatility in the index futures, and appeared to spur on the bulls overall.
After defending support at unchanged for the rest of the morning, the bulls were finally able to add some gains to the day. Unfortunately, the bears were able to erase most of the day’s gains during the final 30 minutes, marking a double-top at Monday’s high. The session concluded in the upper half of the day’s range at 5871, gaining a measly 9.50 handles.
Market participants now have more top component earnings to look forward to on Wednesday, including Eli Lilly and Co. (NYSE: LLY) at approximately 6:45am EDT, Meta Platforms, Inc. (NASDAQ: META) at approximately 4:05pm EDT, and Microsoft Corp. (NASDAQ: MSFT) at approximately 4:06pm EDT.
Among the top components of the index, Broadcom Inc (NASDAQ: AVGO) emerged as the biggest gainer. Along with other tech component advances, the chip designer was able to gain $7.22 or 4.20% to close at $179.24 for the day.
That performance was over 26 times better than the cash index’s small advance of 0.16%.
Conversely, the biggest loser was JPMorgan Chase & Co (NYSE: JPM). For the day, the banking behemoth declined by $2.60 or 1.15% to close at $222.90.
