The S&P 500 index futures broke its short-lived streak of new all-time highs as profit-takers and sellers cashed in on nearly a full week of gains during Friday’s session. The pullback came as positive economic reports came out of the Trump-Xi meeting, but a lack of progress on Taiwan and Iran kept the mood cautious.

Overnight, resistance hit almost immediately. Bids faded from a high of 7528.25 and the index steadily declined through the night. By morning, bears and profit-takers had broken support near Thursday’s low and were pressing toward Wednesday’s low. Once the opening bell rang, volatility and chop took over, but support held near the premarket low. Bulls attempted a comeback, only for their short-lived rally to slam into support-turned-resistance at Thursday’s low. The rest of the morning was spent chopping between that level and the premarket low. 

In the afternoon, bulls briefly pushed to new intraday highs, but sellers returned aggressively in the penultimate hour. Support above the premarket low failed in the final minutes, with selling continuing after the close and carving a new low at 7409.25. The session concluded near the day’s low at 7432.25, losing 93.25 handles. For the week, the index still posted a modest gain of 13.25 handles or 0.18%.

Monday, market participants can look forward to a few earnings reports in the morning and evening.

Among the top components of the index, Microsoft Corp (NASDAQ: MSFT) emerged as the biggest gainer. The tech giant climbed $12.49 or 3.05% to close at $421.92 for the day. 

That performance was a fortunate four percent better than the cash index’s 1.20% decline.

Conversely, the biggest loser ended up being Tesla Inc (NASDAQ: TSLA). For the day, the AI/EV company declined by $21.06 or 4.75% to close at $422.24.