For the first time since early September, the S&P 500 index futures have put in place a three-day winning streak. The index spent much of the premarket trading in the red but caught bid 45 minutes before the start of the regular session.
That continued off the opening bell and once the index cleared Monday’s high, the pace of the rally accelerated. Just as evidenced by the daily charts, there was limited daily resistance to be found.
For the session, the index added 61 handles to close at 3870.25. That marks the highest close since September 20, when the issue ended that session at 3872.75.
It should be noted that a negative response to Microsoft Inc. (NASDAQ: MSFT) and Alphabet Inc. (NASDAQ: GOOG) Q3 reports has the index over 20 handles lower than its closing price.
One day removed from a Bank Of America downgrade, Metaverse Inc. (NASDAQ: META) was the biggest winner of the top components of the index. For the session, the issue advanced by $7.79 or 6% to close at $137.51.
That was over triple the cash index’s gain of 1.63%.
Exxon Mobil (NYSE: XOM) was the biggest loser of the top components of the index. After failing to clear Monday’s all-time high, the issue went into retreat and ended the session in the red by $0.72 or 0.68% to close at $105.88.
PreMarket Prep Stock Of The Day: Coca-Cola Inc. (NYSE: KO)
Premarket price action provides good insight into the trading in the regular session. Read more on KO here.