Today’s market session saw the S&P 500 index futures breaking through the premarket high, as well as the double top set earlier this week (on Wednesday and Thursday) before retreating. Although JPMorgan and Citigroup posted better-than-expected earnings, this did not translate into a broad market rally.
Technology stocks presented a mixed bag, but the prevailing sentiment among investors seemed to be “buy the dip” once the index hit the 4138 area after noon. The day concluded with the S&P 500 index futures losing 9 handles, settling at 4163.75. This resulted in a gain of 31.75, or 0.77% for the week.
While the futures surpassed yesterday’s high, Thursday’s closing level still remains the most recent closing high for the ongoing rebound. Investors can expect continued bank earnings announcements next week.
Among the top components of the S&P 500 index, Alphabet Inc. (NASDAQ: GOOGL) emerged as the biggest winner, advancing by 1.34% to close at $108.87.
That performance outpaced the cash index’s decline of 0.22%.
On the other hand, UnitedHealth Group Inc. (NYSE: UNH) proved to be the biggest loser among top components, declining by 2.74% to close at $511.79.
The buying continued after hours, with the last after hours print of 4171.75. As bank earnings continue to roll in next week, market participants will be watching closely to see if the upward momentum can be sustained.