The S&P 500 index futures were under selling pressure from 6:00 PM EST opening on Sunday night until late in the session. Chaos in China over Covid-19 restrictions had investors heading to the exits after last week’s rally. In addition, more “hawkish” talk from the Fed’s James Bullard was another contributing factor to the sharp decline.
The retreat was broad-based and did not differentiate between value and growth stocks. Even issues in the energy sector did not participate in the $4 rally in Crude Oil futures after reaching its lowest level since February.
The muted rally off the opening bell came up shy of the lower end of Friday’s range and once the index failed to remain over 4000, the pace of the rally accelerated. The index was able to find a bottom heading into the last 30 minutes of the session at 3960.25. As a result, it was able to trim some of its losses, closing down 62.25 handles at 3970.25.
The single-day decline wiped out all of last week’s gains.
Amazon.com Inc. (NASDAQ: AMZN) off larger-than-expected online Black Friday sales was the biggest winner of the top components. For the session, the issue added $0.54 or 0.59% to close at $93.95.
That was nearly 2% better than the cash index’s decline of 1.54%.
Exxon Mobil (NYSE: XOM) did not respond to the intraday rally in Crude Oil futures and was the biggest loser of the top components. For the session, the issue declined by $3.40 or 3% to close at $109.81.
PreMarket Prep Stock Of The Day: Wynn Resorts Inc. (NASDAQ: WYNN)
Rally not interrupted by ongoing Covid-19 restrictions in China. Read more on WYNN here.
