Today, the S&P 500 Index Futures extended its recent losing streak, in spite of the “buy-the-dippers” stepping in to attempt to arrest the decline. Once the index crossed below the Friday low of 4465 in the premarket session, the bears dominated, continually driving the index downward to an intraday low of 4419.50 during the regular session. This downward pressure was primarily spurred by the forthcoming jobs report due tomorrow, sparking fears of imminent interest rate hikes by the Fed.
However, after reaching the intraday low of 4419.50, bullish sentiment rallied. Buyers seized the opportunity to buy the dip, and from that point onwards, the index ascended and managed to recover some of its losses. By the end of the session, the index closed at 4447, slightly above the day’s opening level.
Out of the top components, Microsoft Corp. (NASDAQ: MSFT) stood out as one of the few winners for the day, posting a gain of 0.92% or $3.12 to close at $341.27. This uptick was driven by news that Morgan Stanley had raised its price target for the tech giant from $335 to $415, stoking investor optimism.
In contrast, the cash index experienced a decline of 0.80% for the day.
Exxon Mobil Corp. (NYSE: XOM) found itself at the other end of the spectrum as the day’s biggest loser among top components. The energy giant saw a hefty 3.73% or $3.99 drop, closing at $102.92. This slide was triggered by Exxon’s recent revelation that its Q2 earnings would not be as robust as initially projected, prompting investors to adjust their positions ahead of the company’s earnings report expected on August 4.
