Traders and investors looking for continuation of Thursday’s strength in the S&P 500 index futures were rewarded in Friday’s session, but only momentarily.
The day began on a promising note, with the bulls maintaining support around the 5090 mark during the premarket hours, a level that proved key as the day unfolded.
As the market approached the regular session’s opening, the index futures seemed poised for further ascension, with an influx of buyers and short sellers covering positions driving the index to new all-time highs. However, this upward trajectory met resistance shortly after the session began, leading to a swift change in market sentiment.
The selling pressure that emerged after the first 30 minutes forced the index back into negative territory, revisiting the premarket lows. Despite managing to hold support, the bulls found themselves unable to recapture the morning’s peak levels, mirroring the day’s trajectory with that of NVIDIA Corp. (NASDAQ: NVDA), which also saw profit-taking after an initial gap up.
The afternoon’s trading was characterized by a subdued back-and-forth between bears and bulls within a muted range. Attempts by the bulls to rally in the session’s final moments ultimately faltered in the face of renewed selling pressure.
The day concluded with a slight increase of 3.75 handles, closing at 5101.50. This contributed to a weekly gain of 81.75 handles, or 1.63%.
Berkshire Hathaway Inc Class B (NYSE: BRK.B) stood out as the biggest winner among the index’s top components, setting new all-time highs and closing the session up $2.06 or 0.50% at $417.22, marking a new all-time closing high as well.
This performance slightly surpassed the cash index’s nominal advance of 0.07%.
Conversely, Tesla Inc (NASDAQ: TSLA) found itself on the opposite end of the spectrum, once again being tagged as one of the day’s biggest losers. The electric vehicle giant can’t seem to have a clean week, ending the day down $5.44 or -2.76%, closing at $191.97.
