On Monday, the S&P 500 index futures four-day win streak that was interrupted, with only a small decline, resumed today in a big way. Even hawkish statements by a few different Fed heads could not derail the rally. Those comments only instigated minor declines that were quickly erased.
Following some weakness during premarket trading, the index was firmly in the green by the start of the regular session. Immediately after the open, it breached Monday’s high and followed through into the lower 4500 handle.
During the final hour, buyers stepped up to 4500 area and instigated a late-day push in the last ten minutes nudging the index to 4514.75. That came in just above its February 14 high (4512). The index backed off that high to end the day higher by 52.75 handles at 4505, marking the first close over 4500 since February 9.
Large-cap technology did the heavy lifting with all but one of the top tech components of the index, outgaining the cash index by a wide margin.
With the risk-on trade back in vogue, Tesla Inc. (NASDAQ: TSLA) was the biggest gainer of the top components of the index by a wide margin. The issue gained $72.82 or 7.9% to close at $993.98.
Investors weren’t thrilled with Nvidia Corp (NASDAQ: NVDA) as the issue was the biggest loser of the top components. For the session, it declined by $2.10 or 0.8% to close at $265.24.
PreMarket Prep Stock Of The Day: Nike Inc. (NYSE: NKE)
A good example of how after-hours and premarket levels can be used for trading parameters in the regular session. Read more on NKE here.