The S&P 500 index futures snapped a two-day losing streak by adding 18.75 handles at the closing price of 4583.50. That marks the third highest closing high of the recent rally.
Early on in the premarket session, the index found support in between the lows from Thursday (4557.25) and Friday and (4561.75) at 4560. The index was firmly in the green by the opening of the regular session.
Following a continuation of the upward momentum off the open, the bears made one attempt to get the index in the red for the day, but came up shy (4568.75 vs. Friday’s close of 4564.75).
Friday’s parameters came into play on the upside as well. Just after 2:00 PM EST, the index breached Friday’s high of 4590, reaching 4592.50, and retreated from there.
During the final hour, the index waffled and was unable to make a new high, but still held on to a majority of its daily gains.
Among the top components, Tesla Inc. (NASDAQ: TSLA) shrugged off a downgrade from UBS and was the biggest winner of the top components. For the session, the issue added $9.04 or 3.48% at the closing price of $269.05.
That was over eight times the cash index’s gain of 0.40%.
On the other hand of the tape was Amazon.com (NASDAQ: AMZN) being the biggest loser. For the session, the issue declined by $1.20 or 0.92% at the closing price of $128.80. That extends its losing streak to three sessions.