The S&P 500 index futures took a step back on Monday, sliding back into consolidation mode as market participants continued to adjust their rate-hike expectations higher and the index futures held within their range from recent weeks.

The high of 7724 was put in immediately as Sunday evening trading commenced. Overnight, bulls found their footing near Wednesday’s close and mounted a rebound back into the 7700 handle. That rebound fell short of reaching the initial session high, and bears were pressuring again by the regular session open.

Bears and other sellers dragged the index futures from the 7700 level right back down to the overnight low. A new low of 7674.75 was carved out amid the chop, forming a double-bottom with Wednesday’s low. For the rest of the morning and most of the afternoon, the action turned to chop just above that low. It wasn’t until the final hour that bulls were able to maintain a rally and claw back some of the losses, ending the regular session near where it began.

The session concluded near the day’s midpoint at 7699, losing 23 handles. For the month, that’s a healthy gain of 179.75 handles or 2.39%.

Tomorrow, market participants can look forward to August’s US Manufacturing PMI at 9:45 AM ET, along with a handful of earnings reports in the morning and evening, especially from tech-related names after the close.

Among the top components of the index, Tesla Inc (NASDAQ: TSLA) emerged as the biggest gainer. The AI/EV company advanced by $19.20 or 5.51% to close at $367.95 for the day.

That performance was over 5% better than the cash index’s decline of 0.30%.

Flipping its role from Friday, the biggest loser ended up being Amazon.com Inc (NASDAQ: AMZN). For the day, the e-commerce giant declined by $6.66 or 2.50% to close at $259.77.