The mixed tape in Monday’s premarket session was a precursor to the upcoming price action. While the S&P 500 index futures were in the green, it was not an “everything rally” similar to Friday, as the small caps or iShares Russell 2000 ETF (ARCX: IWM) were in the red.
The upward momentum in the morning came off the torrid rally in Apple Inc. (NASDAQ: AAPL) ahead of the much anticipated WWDC. Once that issue turned, the index followed suit.
The good news is that the index crept into the 4300 area for the first time since August 2022, peaking above Friday’s high at 4305.75 vs. 4297.75. The bad news is that the index was unable to post a new closing for the move, falling 7 handles to close at 4281.
The biggest gainer of the top components was Tesla Inc. (NASDAQ: TSLA). The issue extended its winning streak to six sessions by adding $3.64 or 1.7%.
That was just under two percent better than the cash index’s decline of 0.18%.
Apple Inc. (NASDAQ: AAPL) was the biggest loser of the top components of the index. More concerning is that the issue missed a new all-time high by $2, going from $3 in the green to close $1.37 or 0.86% in the red at $179.58.