The S&P 500 index futures continued to march higher during Monday’s session, though it was only a small step higher after profit-takers stepped in.
Sunday night trading started with a small dip, soon bottoming at a low of 7390.50 and bulls building from there. The upside was capped roughly at Friday’s close, but once the opening bell rang, the bulls rocketed to new highs. After some volatility and chop, the rally started to plateau near the minor psychological level 7450. Reports of Trump discussing the possibility of resuming military action in Iran had some market participants in a quick panic, but that selloff was short-lived.
After the lunch hour, bulls returned to buy that small dip and they went on to a new all-time high (ATH) of 7454.75. There wasn’t enough momentum to keep the rally going, and soon the reins were handed to the bears and profit-takers. Support held in the final hour at Friday’s high, where the action turned to chop for the rest of the day. The session concluded in the upper half of the day’s range at a new ATCH of 7436.75, gaining 17.75 handles.
Tomorrow, market participants can look forward to April’s CPI report and more earnings reports.
Among the top components of the index, Tesla Inc (NASDAQ: TSLA) emerged as the biggest gainer. The AI/EV company was able to advance by $16.65 or 3.89% to close at $445.00 for the day.
That performance was a sweet 16 times better than the cash index’s advance of 0.23 percent.
Conversely, the biggest loser ended up being Alphabet Inc (NASDAQ: GOOGL). For the day, the tech giant declined by $12.16 or 3.03% to close at $388.64.
