The S&P 500 index futures gave both the bulls and bears a chance to seize the day, with trading action swinging both ways. The index started to surge soon after the open, meeting some resistance just under the recent May 1 high (4206.25). However, it was the bulls who ultimately won the day by defending the 4175 area; this coincided with yesterday’s close and intraday high.
This bullish turn was evident post-lunch as investor confidence continues to grow over an impending debt agreement. Consequently, the S&P 500 index futures added 40.50 handles, ending the day at 4212. Not only does this mark the highest close for the recent move, but it is also the highest close since August 2022. As of writing this, the index has continued its upward climb after hours.
Among the top components of the index, NVIDIA Corporation (NASDAQ: NVDA) continued its rally, advancing by 4.97% to close at 316.78. This ascent marks a new 52-week high, although it remains below its all-time high of 346.47 set in November 2021.
This gain significantly outpaced the cash index’s increase of 0.97%.
On the flip side, UnitedHealth Group Inc. (NYSE: UNH) emerged as the biggest loser among top components, declining by 1.15% to close at $479.23.