Traders and investors who were tuned into the premarket session this morning could have been forgiven for thinking the S&P 500 index futures were set to continue their losing streak. However, the bulls had other plans and launched the index higher right at the opening bell of the regular session.
The bullish sentiment maintained its course only for the first hour, as the bears took control thereafter. After clocking an intraday high of 4477.50, a gradual selloff pulled the index back down towards new intraday lows. Fortunately for those with a bullish outlook, a late intervention by the bulls pulled the index back into positive territory just before the close.
Apple Inc. (NASDAQ: AAPL) continued its influence on market sentiment. Traders and investors piled into the stock ahead of the highly anticipated iPhone 15 announcement slated for Tuesday. However, a significant selloff ensued soon after the open, which was also pronounced in the semiconductor space.
By the time the market closed, the futures index had registered a modest gain, adding 5.50 handles to end the day at 4461.75. This left the week’s total loss at 59.75 handles, or 1.32%, which is a significant recovery from the week’s low of 4434.25.
Among the top components, Exxon Mobil Corp. (NYSE: XOM) emerged as the day’s biggest winner, propelled by a continuing rally in crude oil prices. The energy behemoth advanced by 1.46%, or $1.66, to close at $115.61.
This performance outpaced the cash index’s modest gain of 0.15% for the day.
Conversely, the chip sector faced some heat, with NVIDIA Corporation (NASDAQ: NVDA) feeling the brunt of it. The tech giant was the biggest loser among the top components, declining by 1.45%, or $6.69, to settle at $455.72.