There are some days when the S&P 500 index futures start out in the green and never come close to going red. Friday was one of those days.
Thanks to earnings beats from two of the top four components of the index, Apple Inc. (NASDAQ: AAPL) and Amazon.com Inc. (NASDAQ: AMZN), the index was robust in premarket trading.
The bears made one weak attempt off the open to nudge the index into the red but came up well shy as the buyers stepped in ahead of the close (4073.50) at 4081. Just after noon EST, the index proved that it wanted to remain above 4100 and the pace of the rally accelerated.
The index peaked in the last ten minutes of the session at 4144. That was just shy of its June 9 high (4145.75). A mild round of profit taking took the index off the high but still added 60 handles to close at 4133.50.
For the week, the index gained 168.50 handles or 4% for the month it racked up a solid gain of 344 handles or 9%. That ended a losing streak of three months in a row and is the second positive month in the last seven months.
By far, the biggest winner of the top components was Amazon.com (NASDAQ: AMZN) following its Q2 beat. For the session, the issue added $14.50 or 11.9% to close at $136.80.
That was seven times better than the cash index’s gain of 1.44%.
For the second day in a row, Meta Platforms Inc. (NASDAQ: META) was the biggest loser of the top components. For the session, the issue declined by $1 or 0.6% to close at $159.72.
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