Monday’s S&P 500 index futures session established a three-day winning streak, cruising to new all-time highs with minimal resistance as bullish momentum carried the day.
Overnight trading started bearish, with futures dipping to 6695.25 after facing resistance at Friday’s close. The regular session opened just above that low, and bulls soon took control, driving a steady rally past Friday’s all-time high. The advance paused briefly around noon ahead of the main fed-speaking engagement at noon. Comments were at the very least, not surprising and not very Hawkish, including Barkin’s comments on easing wage pressures. As the comments continued, bulls pushed to new all-time highs.
The rally slowed in the afternoon, peaking at 6756.75 in the final hour. Despite minor profit-taking late, the session closed near the all-time high at 6752.50, up 30 handles, marking another all-time closing high.
Tuesday brings more fedspeak, including Fed Chair Powell at 12:35 PM ET, and the S&P flash U.S. PMI at 9:45 AM.
Among top index components, Apple Inc (NASDAQ: AAPL) led as the biggest gainer for the second consecutive day, surging $10.58 or 4.31% to close at $256.08.
That outperformed the cash index’s 0.47% gain by over nine times.
Meta Platforms Inc (NASDAQ: META) was the biggest loser, dropping $13.22 or 1.70% to close at $765.16.
