The S&P 500 index futures finished off another week near the highs, though the day started off with mixed sentiment in the premarket hours. In overnight and early premarket hours, the index futures turned positive, only to reverse and set the stage for a marginally lower opening.
As the regular session got underway, the index futures quickly dipped to establish a new low for the day and rebound from there. However, the journey upwards wasn’t a straight affair. The index briefly revisited yesterday’s closing level, but it wasn’t until Federal Reserve Chair Jerome Powell’s speech at 11:00 AM ET that the market’s direction became clear. Powell’s remarks, interpreted as somewhat dovish, caused the bears to retreat, sparking a rally.
Shortly after noon, the index futures surged past the psychological 4600 level, reaching a new high for the recent upward move at 4607.75. Despite a subsequent pullback of nearly 15 handles, the index regained its footing above 4600, maintaining this level into the session’s close.
By day’s end, the index futures recorded a solid gain of 24 handles, closing at 4600.75. This advance contributed to a weekly gain of 32.50 handles, or 0.71%.
In the realm of the top components of the index, mega-cap tech stocks led the rally, with Apple Inc. (NASDAQ: AAPL) standing out as the biggest winner. The tech giant marked an increase of 0.68% or $1.29, concluding the day at $191.24.
This slightly outperformed the cash index’s gain of 0.57%.
On the other side, Eli Lilly and Co. (NYSE: LLY) faced a downturn despite recent FDA approval of a leukemia treatment. Investors opted to sell, pushing the stock down by 1.18% or $7.00 to close at $584.04 on the day.
