Monday’s session in the S&P 500 index futures kicked off with weekend tariff buzz, that some electronics might dodge duties, sparking a wild start in futures markets.

Sunday evening trading gapped up, only for sellers to pounce on the pop. Soon enough, bulls clawed back steadily, hitting a premarket high of 5497.75 just before the bell. Resistance at that level held like steel, and as the White House muddied the tariff news with vague clarifications, rattled investors bolted for the exit right off the opening bell.

The bulls staged one last feint to test the highs, but around 11:00 AM ET, the New York Fed’s survey on inflation expectations for the year ahead had forecast 50 basis points above previous expectations. Whether spooked by that or the tariff fog, sellers seized control, slamming the index futures to new daily lows. Bulls dug in at 5391, coinciding with Friday’s close almost to the tick, and sparked a rally that chugged nearly into the final hour. 

Action flipped again during the final hour, and sellers uncorked a sharp swoon in the last 15 minutes. The session wrapped up near the day’s midpoint at 5440.75, up 49.50 handles. Earnings season continues Tuesday with Johnson & Johnson (NYSE: JNJ), Bank of America Corp (NYSE: BAC), and Citigroup Inc (NYSE: C) before the open, plus United Airlines Holdings, Inc (NASDAQ: UAL) after the close. 

Among the index’s top components, Eli Lilly And Co (NYSE: LLY) snagged the biggest win, climbing $21.94, or 3.00%, to close at $754.35. 

That outran the cash index’s 0.97% gain by over three times. 

Meta Platforms Inc (NASDAQ: META) stumbled as the day’s biggest loser, shedding $12.09, or 2.22%, to close at $531.48.