In another two-way session, the S&P 500 index futures had its first meaningful up day since last Monday and it was not easy.
Premarket traders buoyed the index nearly 20 handles higher for the opening bell and the index did have follow-through beyond Monday’s high, but eventually reversed course. Just as the index sliced through the 4270-4250 handles late in the day on Monday, it did the exact same thing today.
However, the bulls made a stand at Monday’s closing price, similar to what transpired in the premarket session. There was no specific catalyst for the mid-morning retreat that ended at the conclusion of the lunch hour.
The bulls were then step-up buyers that took the index towards the highs for the session heading into the final hour. That rally was unable to establish a new high and faded back slightly, but ended with a gain of 29.50 handles at the closing price 4271.25.
The after-hours sessions saw gyrations as investors cheered Microsoft Corp (NASDAQ: MSFT) and booed Alphabet Inc. (NASDAQ: GOOG or GOOGL)’s respective Q3 reports. The mixed bag had the index in limbo and the last after hours print was similar to the mark.
Among the top components, Eli Lilly (NYSE: LLY) was the biggest winner. The catalyst may have been a positive endorsement from Investors Business Daily. For the session, the issue advanced $15.78 or 2.74% at the closing price of $592.43.
That performance was two percent better than the cash index’s increase of 0.7%.
Conversely, Exxon Mobil (NYSE: XOM) was the biggest loser for the second day in a row. Once again, following Crude Oil futures lower. For the session, the issue declined $1.06 or 0.96% at the closing price of $108.39.