In today’s premarket trading, the S&P 500 Index was primed for a bullish breakout. The E-mini Futures opened strong at 4302, promptly eclipsing the premarket high and skyrocketing to the 4325 level. However, the rally was short-lived as profit-taking and bearish sentiment drove the index back down to test the 4300 threshold.
After a secondary surge to the upside, the index closed the day with a whimper essentially where it began at 4304.75, posting a total gain of 6.50 handles. While the week’s trading range expanded upward, the total gain was a modest 16 handles since last Friday’s close.
Traders and investors will be eagerly paying attention to CPI data due to be released before the market opens on the 13th, as well as the conclusion of the FOMC meeting on the 14th.
Among top components, Tesla Inc. (NASDAQ: TSLA) extended its winning streak to 11 days, adding another 4.06% to close at $244.40. The stock opened the session up nearly 6%, fueled by the continuation of the GM-related news and several analyst upgrades, which bolstered its performance.
This notable gain considerably outpaced the cash index’s increase of 0.56% for the day.
Conversely, Exxon Mobil Corp. (NYSE: XOM) prolonged its downward trend, declining by 0.74% to close at $107.39. This decline corresponded with a drop in crude prices and recent allegations of Exxon’s involvement in the illegal lifting of petroleum in Nigeria.