The S&P 500 index futures ended a three-day winning streak, falling by 24.50 handles at the closing price of 4190.50. The mild retreat made the index basically a scratch for the month.
While the high for the month for the was expanded generously (4243.25 vs. 4198.25), albeit briefly, the lows from the last two months are matching (4068.75 and 4062.25).
With Q1 earnings season nearly complete, the May jobs data on Friday and upcoming inflation readings later in June will determine the next major move in the index.
UnitedHealth Group Inc. (NYSE: UNH) was the biggest gainer of the top components of the index as investors flocked to the value trade. For the session, the issue gained $7.39 or 1.5% at the closing price of $487.24.
That was over 2% better than the cash index’s decline of 0.61%.
Investors were taking chips off the table as Nvidia Corp (NASDAQ: NVDA) was the biggest loser of the top components of the index. For the session, the issue declined by $22.77 or 5.7% at the closing price of $378.34.