Just as Friday’s decline of 68.25 handles in the S&P 500 index futures equated to a minor win for the week, today’s gain of 13.50 handles is a significant daily win for the bears. Although it was an inside day, the index settled in the lower portion of the daily range.
For most of the premarket and up until 11:00 AM EST, the bulls were in firm control of the session. However, when the index was unable to near Friday’s high or even Thursday’s close, the bears came out of hibernation. Although the index made a higher low, it was unable to mount a rally in the final hour.
For the most part, the markets are in the “wait and see” mode until Friday. The Consumer Price Index (CPI) data for May will be announced on that day. As a result, the future course of interest rate hikes will be reassessed.
The biggest gainer of the top components was Alphabet Inc. (NASDAQ: GOOG or GOOGL). The issue, which has been higher in six of its last eight sessions, added $48.93 or 2.14 percent to close at $2340.21.
That was nearly seven times better than the cash index’s gain of 0.33 percent.
Microsoft Corp (NASDAQ: MSFT) which is still shaking out the cobwebs from last week’s guidance cut was the biggest loser of the top components. For the session, the issue declined by $1.25 or 1.26 percent to close at $268.75.
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