The S&P 500 snapped a four-day losing streak on Friday with an impressive gain, but struggled to keep it going in Monday’s session.
The meager premarket gains eroded off the opening bell and the index drifted lower only to match the premarket low and rebound. As the index was vacillating around unchanged, around 2 PM EST it buckled following a concerning Federal Reserve Senior Loan Officer Opinion Survey. The survey reported tighter standards and weaker demand for commercial and industrial loans.
While the index did make a new low for the session, buyers emerged and took the index from being in the red by 14 handles to back in the green by 7 handles.
The rally faded in the final hour, but did not go very far. The end result was a gain of 2.50 handles at the closing price of 4152.75.
Alphabet Inc. (NASDAQ: GOOG) was the biggest winner of the top components of the index. For the session, the issue advanced by $2.02 or 1.9% at the closing price of $108.24.
That was much more than the cash index posting a fractional gain of 0.06%.
Microsoft Corp (NASDAQ: MSFT) was the biggest loser of the top components of the index. For the session, the issue declined by $2 or 6.4% at the closing price of $308.85.