Despite the intraday gyrations, the S&P 500 index futures are right back where they ended last week. The premarket rally got a big boost from the less-than-expected reading on the October Producer Price Index. That took the index to the intraday high on the day of the collapse in the index (September 13) when the August CPI data came in hot.
Even before the news hit the tape, the index had been tapering off from the highs of the session. When it was announced a Russian missile landed in Poland, the pace of the decline accelerated.
The index was able to find support in between Friday and Monday’s low and rebounded into the close. For the session, the index added 33.50 handles to close at 3999.50. Investors will have to wait at least another day to see if this key area becomes major support or major resistance.
Alphabet Inc. (NASDAQ: GOOG or GOOGL) was the biggest winner of the top components of the index for the first time in a long time. For the session, the issue advanced by $2.69 or 2.69% to close at $98.72.
That was nearly 2% better than the cash index’s advance of 0.84%.
UnitedHealth Group Inc. (NYSE: UNH) was the biggest loser of the top components. It is now on a three-day losing streak and has been lower in four of the last five sessions. For the day, the issue declined by $10.74 or 2.1% to close at $503.01.