One good rally deserves another as the S&P 500 index futures posted its first four-day rally since mid-July. That was in the midst of an eight day stretch when the index was higher in seven of those sessions.
The index was buoyed by an outsized gain in its top component, Apple Inc. The momentum for the company’s new product announcement in September carried over in today’s session as the issue opened near its daily low and closed just off its intraday high.
After the rally off the opening bell stalled, the bears made an attempt to breach the premarket low, but came up well shy (4501 vs. 4496.25). Heading into the final hour, the index was attempting to make a new high for the session but was unable to do so.
As a result, it tapered off into the close but still added 17.50 handles at the closing price 4524.25. That marks the highest close for the index since August 8.
Among the top components of the index, Apple Inc. (NASDAQ: AAPL) was the biggest winner by a wide margin. The issue extended its winning streak to four sessions by gaining $3.53 or 1.92% at the closing price of $187.65. The issue is now entering the gap or void price ($187.38-$190.69) that was created following its Q3 report.
That was just under five times better than the cash index’s advance of 0.39%.
The biggest loser of the top components was Meta Platforms Inc. (NASDAQ: META). The issue snapped a three-day win streak by declining $2.89 or 0.97% at the closing price of $295.10.