Strange things seem to happen after a quadruple witch expiration and especially one that is intertwined with a three-day weekend. That is exactly what took place on Tuesday as the S&P 500 index futures distanced themselves from Friday’s low for the move (3639) gaining 92 handles to close at 3767.75. Unfortunately, the rally took place with much lower than average volume.
The bulls took early command of the thinner premarket trading and started aggressively buying after the opening on Sunday night, continued on Monday until 1:00 PM EST halt, and resumed at 6:00 EST reopening on Monday night.
Then another wave of buyers came in off the opening of the regular session and was in firm command for most of the session.
Tesla Inc. (NASDAQ: TSLA) was the biggest winner of the top components. For the session, the issue added $60.83 or 9.4 percent to close at $711.11.
That was nearly four times better than the cash index’s advance of 2.50 percent
The only and biggest loser of the top components was Meta Platforms Inc. (NASDAQ: META), which reached its lowest level since April 2020. For the session, the issue skidded $6.69 or 4.1 percent to close at $157.05.
Premarket Prep Stock Of The Day: Kellogg Corp (NYSE: K)
Investors sell into the news that the company is separating into three different companies. Read more on K here.