The S&P 500 index futures had its first three consecutive days in either direction since mid-July and that last streak was to the upside. That came in the midst of a seven-day stint in which the index was higher in six of seven sessions catapulting from 4434 to 4597 on a closing basis. Earlier in July, the index had a four-day losing streak that set the foundation for the move to the recent 17-month high.
The index was able to mount a small rally in premarket trading, only to give it back and breach Wednesday’s low. Off the open of the regular session, the index was under selling pressure and breached the premarket low, falling to 4505.75. That low coincided with its July 13 low of 4509.25.
The rebound off that low fizzled out just above the close (4537.25), reaching 4540.50 and retreated into the close. In a choppy final minute, the index spiked down to close lower by 15.50 handles for the day at 4521.75.
It should be noted in early after hours trading, a Q2 beat by Amazon.com Inc. (NASDAQ: AMZN) elevated the index substantially right after the close. After Apple Inc. (NASDAQ: AAPL) released its earnings at 4:30pm ET, the index has since reverted back down near the close as of writing this article.
Among the top components, Tesla Inc. (NASDAQ: TSLA) was the biggest winner. The issue bounced back from a two-day $13 decline by gaining $5.80 or 2.27% at the closing price of $259.90.
That was over 2% better than the cash index’s decline of 0.7%.
Conversely, Apple Inc. (NASDAQ: AAPL) was the biggest loser of the top components of the index. Ahead of its Q3 earnings after the close, the issue declined by $0.73 or 0.37% at the closing price of $191.76. That extends its losing streak to three sessions.
