Monday was a tale of two different markets. From the premarket price action, it appeared the S&P 500 index was in for an utter collapse and continuation of last week’s retreat.

However, the S&P 500 index was basically straight up, except for the lunchtime decline, from the opening bell to the closing. Perhaps the only positive catalyst was that there was not a negative one, such as the trio of earning warnings from last week, including the big doozy on Friday from FedEx Corp. (NYSE: FDX). 

It should be noted that Ford Motor (NYSE: F) warned after the bell due to higher costs resulting from supply-side constraints. However, the steep decline in shares of the issue has not as of yet spilled over into the S&P 500 index futures at the time of this article being written.

The final “hour of power” was just that as the index spent much of mid-afternoon flirting with unchanged on the session. However, once the index established a sustained bid above the close, the rally was on into the close.

For the session, the December futures tacked on 27.25 handles to close at 3917.25. That roughly matches last Thursday’s close, which until Friday, had been the lowest decline of the recent retreat. 

The top component of the index, Apple Inc. (NASDAQ: AAPL), was the biggest gainer of the top components. For the session, the issue gained $3.78 or 2.5% to close at $154.48.

That was over triple the cash index’s advance of 0.69%.

Being a risk-off day made Johnson & Johnson (NYSE: JNJ) the biggest loser of the top components. For the session, the issue declined by $1.32 or 0.79%.to close at $166.28.

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