Monday’s weak close provided for a fantastic buying opportunity in Tuesday’s session. In fact, the S&P 500 index futures never reached Monday’s closing price (4370.50) in the premarket (low of 4271.50) or in the regular session (low of 4374.50).
Just before lunchtime, the index established a sustained bid above the premarket high and the rally was on. It barely paused at Monday’s high and finally peaked heading into the last fifteen minutes of the session.
It should be noted that the high for the day (4424.75), came up just shy of a pair of highs from last Thursday (4427) and Friday (4426.25).
Ahead of Fed Chair Powell’s speech on Wednesday, there was some profit-taking into the closing print. The end result was a solid gain of 48.50 handles at the closing price of 4418.75.
Among the top components, Meta Platforms Inc. (NASDAQ: META) was the biggest winner. Following a $10 tumble on Monday, the issue recouped almost all of that loss by gaining $8.58 or 3.1% at the closing price of $287.05.
That was nearly triple the cash index’s gain of 1.11%.
In a risk-on market, Johnson & Johnson (NYSE: JNJ) was the biggest loser of the top components. The issue extended its losing streak to three days by declining $0.34 or 0.21% at the closing price of $163.29.
