It took some time, but the S&P 500 index futures had its first three-day winning streak since mid-July. Keep in mind, that was part of a torrid run in which the index was higher in seven of eight sessions.
The index waffled in the premarket but caught a strong bid off the opening bell and never looked back. To no surprise, the rally was led by the mega cap technology stocks that dominate the top holdings of the index. Almost all of them outpaced the cash index’s gain by a wide margin.
The bears never had a chance as the index did not even blink at the premarket high and coasted through last week’s high by over 20 handles. In fact, it ended the session above it as well, by adding 64.50 handles at the closing price 4506.75.
That marks the first time the index has closed over 4500 since August 8.
Among the top components of the index, Tesla Inc. (NASDAQ: TSLA) was the biggest winner, outdoing Nvidia Corp (NASDAQ: NVDA) by over two percent. The issue had its best day in months by adding $18.36 or 7.7% at the closing price of $257.18.
That was over five times the cash index’s gain of 1.45%.
The biggest loser was also the smallest winner. Johnson & Johnson Inc. (NYSE: JNJ) was by far the worst performer for the second day in a row. For the session, the issue gained only a few pennies at the closing price of $164.31.