Profit-takers ruled Monday’s session in the S&P 500 index futures, with major rotation near all-time highs handing back the previous week’s gains and then some.
Sunday’s overnight trading started with the bulls giving a modest uplift, but the high of 7824.50 that they put in during the morning would never be approached again.
The regular session kicked off near the premarket low, just above the 7800 level. Buyers tried rallying from there and were immediately denied as sellers took over. Just below 7800, bulls and bears struggled for control, though the chop that ensued remained trapped under that resistance in a tight band. It wasn’t until the afternoon that bids gave out and bears pressed to new lows. Support came in near Thursday’s low, slowing the decline. The session concluded at 7768.75, losing 36.25 handles. After hours, the low was nudged down a few handles to 7763.50.
Tuesday, market participants can look forward to July’s import prices at 8:30 AM ET, along with some other minor macro data in the morning and a few earnings reports morning and evening.
There were no winners among the top components of the index, leaving NVIDIA Corp (NASDAQ: NVDA) as the smallest loser. The chip designer declined by $0.15 or 0.07% to close at $225.01 for the day.
That performance was still slightly better than the cash index’s decline of 0.47%.
Conversely, the biggest loser ended up being Meta Platforms Inc (NASDAQ: META). For the day, the tech conglomerate declined by $20.88 or 3.54% to close at $568.97.
