Monday’s session in the S&P 500 index futures began with a notable upward trajectory during the premarket, potentially buoyed by a relief move from Friday’s decline due to the quad witch. The absence of significant economic news did little to dampen the market’s spirit, especially with Goldman Sachs projecting an uplift in its US real GDP Growth forecast, partly attributing this optimism to increased immigration levels.
As the regular session unfolded, the bulls encountered initial resistance but found their rhythm by the end of the first hour, overcoming the initial sellers. However, this momentum proved fleeting as bears quickly capitalized on the early gains, igniting a tug-of-war that persisted throughout the day. Despite the bears’ efforts to dominate, the session’s final 15 minutes saw a sharp dip to new intraday lows before the bulls managed a modest recovery in the final few minutes, slightly reducing the day’s losses.
Closing the session with an uptick of 32 handles at 5214.75, the index managed to retain a portion of its initial premarket gains.
Tesla Inc (NASDAQ: TSLA) stole the spotlight among the index’s heavyweight components, surging $10.31 or 6.31% to conclude the day at $173.88.
This leap far outpaced the broader index’s gain of 0.59% by over tenfold.
There were no losers among top components of the index, therefore Amazon.com Inc (NASDAQ: AMZN) registered as the day’s smallest gainer. The issue added a mere $0.06 or 0.03%, to close at $174.48.
