The bulls awakened from their three-day slumber and turned the S&P 500 index futures from being red most of the premarket session into a solid gain on the day.
The mega cap technology stocks were most responsible for the turnaround after three mixed-to-down sessions. In fact, the top four components (Apple Inc. Microsoft Corp, Alphabet Inc. and Amazon) all posed outsized gains compared to the other top components.
Once the bulls protected the premarket market low (4393.75 vs. 4393 – last Thursday’s low as well), the index zig-zagged its way higher. With two hours left in the session, the index established a sustained bid above Wednesday’s close (4409.25).
In the final hour, the rally began to fade, but regained its momentum in the final fifteen minutes, instigated by a large buy imbalance for the close.
The end result was a gain of 14.50 handles at the closing price of 4423.75.
Among the top components, Amazon.com Inc. (NASDAQ: AMZN) was the biggest winner. The issue had its best day since May 25, adding $5.32 or 4.3% at the closing price of $130.15. That marks the issue’s highest close since September.
That was nearly five percent better than the cash index’s advance of 0.33%.
A steep decline in Crude Oil futures made Exxon Mobil (NYSE: XOM), the biggest loser of the top components. For the day, the issue declined by $0.57 or 0.5% at the closing price of $103.30.