The S&P 500 index followed through on Friday’s strong close and after-hours action in robust premarket trading. However, those gains began to erode around 7:00 AM EST and the index was unable to come close to preestablished overnight highs.
Off the open of the regular session, it made a brief attempt to reach the premarket high (4619.50), but came up shy only reaching 4612, when sellers seized on the index.
Whether it was too much fast last week or trepidation over the huge number of company’s reporting this week, it turned into a choppy range-bound session after the index bottomed just after 10:00 AM EST at 4586.50. After rebounding back over 4600, the index made an attempt to make a new intraday, but the bulls defended the low, and the battle was on to close above the psychological 4600 level.
A round of late buyers came in a few minutes before the close and pushed the index to its third new all-time closing high in a row. For the session, the index gained 8,75 handles to close at 4605.75.
Once again, the runaway freight train Tesla Inc. (NASDAQ: TSLA) was the biggest gainer of the top components adding $94.92 or 8.5% to close at $1208.92. It should be noted that buyers were still lurking in the after-hours as the issue printed as high as $1224.89 as of 4:45PM EST in the after-hours session.
That made the cash index’s gain of .18% seem like a huge loss.
After failing to reach Friday’s high ($2972.26), only reaching $2969.77, sellers took aim at Alphabet Inc. (NASDAQ: GOOG), which was the biggest loser of the top components of the index. For the session, the issue declined by $89.93 or 3% to close at $2875.48.
New PreMarket Prep Plus Monday segment: “Briefing With Brent”
What better way to start your investing week than the “Briefing With Brent” segment now at the top of Monday’s broadcast. Read more about the new show here.