There was plenty of action for both bulls and bears in Monday’s session. While the bulls dominated the early part of premarket trading, the bears made a stand as the S&P index futures opened in the red.
The bears went on the offensive off the opening of the regular session, but the bulls made a stand at the premarket low. A well-timed X by Bill Ackman of Pershing Square, announcing his covering of a short in 30 year Treasury Bonds instigated a stealth rally in both markets. That took the index from 30+ handles in the red to 30+ handles in the green as the bonds and stocks ripped higher in unison.
The index peaked at the end of the lunch hour, perhaps in a case of too much, too fast, the index tapered off into the close. The end result was a decline of 6.75 handles at the closing price of 4241.75. The bulls were aggressive in the after hours, nudging the last after-hours closing print to 4250.75.
Among the top components, NVIDIA Corp (NASDAQ: NVDA) was by far the biggest winner. The issue ended a four-day skid by adding $17.50 or 4.22% at the closing price of $431.41.
That performance was nearly four percent better than the cash index’s decline of 0.16%.
Conversely, Exxon Mobil (NYSE: XOM) was the biggest loser. The issue followed the decline in Crude Oil futures, declining $2.08 or 1.86% at the closing price of $109.01.