The S&P 500 index futures declined by 8.75 handles at a closing price of 3888.75. While the index made a new low and closing low for the move, it was not a total win for the bears.
The reason being, there was enough sustained buying to allow the index to close at a somewhat comfortable distance from the session low. More importantly, a benign reading of the February Consumer Price Index on Tuesday may force the Federal Reserve Bank to reverse its hawkish stance.
The biggest winner of the top components of the index was Microsoft Corp. (NASDAQ: MSFT). For the session, the issue added $5.33 or 2.14% at closing price of $253.92.
That was over 2% better than the cash index’s decline of 0.22%.
JP Morgan & Chase Co. (NYSE: JPM) was the biggest loser of the top components of the index. For the session, the issue declined by $2.40 or 1.8%.