Following the late day swoon on Thursday and the follow through in premarket trading, the stage was set for a big down day. However, as investors commonly witness, buyers (whether long or short-term) came into the markets.
After a breach of the premarket low, investors made a stand at last week’s low in the S&P 500 futures index. Whereas last Friday’s low, (which was the weekly low) was at 4160.75, the low for the session as well as the week was 4155.75.
There were several attempts to breach the premarket high, which was just under Thursday’s closing price, but all came up shy. It was an unusually quiet weekly options expiration session as the index traded in a narrow 10-handle range in the final 45 minutes of the session.
The end result was a modest decline of 12.25 handles with a closing price of 4087.50. Interestingly, that is nearly the same for the net change on the week as Thursday’s closing price, matched to the tick last Friday’s closing price of 4099.75.
Tesla Inc. (NASDAQ: TSLA) was the biggest winner of the top components of the index. For the session, the issue added $6.27 or 3.1% to close at $208.31.
That was much better than the cash index’s decline of 0.30%.
The rout in Crude Oil futures was the catalyst for Exxon Mobil (NYSE: XOM) to be the biggest loser of the top components. For the session, the issue swooned $4.45 or 3.8% to close at $111.28.
