Bulls kept their control during Monday’s session, guiding the S&P 500 index futures steadily higher through last week’s high in a quiet, headline-free melt-up.
Sunday night, the trading action was fairly muted, with bulls keeping all of the action in the green and setting the day’s low at 7538.25. Once the regular session began, the opening chop stayed near the premarket high, and the bulls built their bids from there.
Through a series of higher lows, the bulls maintained a slow rally that approached last week’s high around the lunch hour, just under the psychological 7600 level. After tagging last week’s high, bears and profit-takers enjoyed their brief time in control, but the bulls soon stepped back in to continue the rally. The high of 7602.50 was put in during the final hour, after which only some small profit-taking crept into the final minutes. The session concluded near the day’s high at 7591.50, gaining 63.25 handles.
Tomorrow, market participants can look forward to May’s US Trade Balance at 8:30 AM ET, along with a spattering of earnings reports in the morning and evening.
Among the top components of the index, Tesla Inc (NASDAQ: TSLA) flipped its role from Friday and emerged as the biggest gainer. The AI/EV company advanced by $26.32 or 6.69% to close at $419.77 for the day, regaining nearly all of Friday’s losses.
That performance was a significant seven times better than the cash index’s advance of 0.87%.
Conversely, the biggest loser ended up being Walmart Inc (NYSE: WMT). For the day, the retail giant declined by $1.19 or 1.06% to close at $110.65.
