After a two-day losing streak to end last week, the S&P 500 index futures have a two-day winning streak ahead of two major catalysts. The first being the Q2 earnings reports from Microsoft Corp (NASDAQ: MSFT) and Alphabet Inc. (NASDAQ: GOOG), which investors are now digesting.
The other one being the results of the Federal Reserve Bank two-day meeting on Wednesday at 2:00 PM. More importantly, Chairman Jerome Powell’s comments following the release.
The bulls made their stand in premarket trading just under 4580 and defended it off the opening of the regular session. The index paused at the premarket high, which coincided with the trio of highs from the last sessions before blasting through.
The continuation rally came within a few ticks of the high for the move (4608.75 vs. 4609.50) and backed off in the final hour. The index came close, but was unable to make a new closing high for the move (4597), adding a total of 12.50 handles at the closing price of 4596 for the day.
Among the top components of the index, Nvidia Corp (NASDAQ: NVDA) was the biggest winner. After a three-day losing streak, the issue is now on a two-day winning streak after gaining $10.67 or 2.4% at the closing price of $456.79.
That was about two percent better than the cash index’s advance of 0.28%.
Tesla Inc. (NASDAQ: TSLA) reversed its role from Monday’s session and was the biggest loser of the top components of the index. For the session, the issue declined by $3.78 or 1.4% at the closing price of $265.28.
