Bulls took decisive control on Tuesday and melted the S&P 500 index futures steadily back up, staging a recovery session as earnings season dominated the headlines.
Overnight, bulls began working their way up from a low of 7473, and once into the 7500s, they easily held that level. By morning, only a few sellers had taken advantage of the overnight rally, but off the opening bell, bears struck.
Support easily held above the psychological 7500 level, and the bulls started to notch higher lows. In a somewhat smooth rally, they initially struggled to get past the premarket high, then turned that level into support before the lunch hour. The advance continued into the afternoon, topping out at a high of 7554 and forming a double-top with Monday’s high. The final few hours were spent in a fairly small range, with only a few profit-takers emerging. The session concluded near the day’s high at 7545.75, gaining 61.50 handles.
Tomorrow, market participants can look forward to another load of earnings reports both morning and evening, including Alphabet Inc. (NASDAQ: GOOG, GOOGL) and Tesla, Inc. (NASDAQ: TSLA), both reporting after the close.
Among the top components of the index, Tesla Inc (NASDAQ: TSLA) flipped its role from Monday and emerged as the biggest gainer. The AI/EV company advanced by $9.36 or 2.53% to close at $378.93 for the day.
That performance was over three times the cash index’s advance of 0.83%.
Conversely, the biggest loser ended up being Walmart Inc (NYSE: WMT). For the day, the retail giant declined by $1.81 or 1.61% to close at $110.39.
