As traders and investors continue to jockey for positions in the new month, the bears seem to have established their rule in the S&P 500 index futures, at least during the premarket hours.
Despite no major economic news was released during the premarket hours, there was a steady decline that persisted, and even continued into the regular session with the opening print coming in below last week’s low. Soon after the bell, the bears had the index futures 60 handles lower on the day. But it was at that point the bulls were able to hold support, also coinciding with the low from March 20th.
From that point on, the bulls were slowly able to march back up, also possibly helped out by shorts covering their positions as well as a dovish tone from various Fed Presidents speaking throughout the day. Though the day ended nearly perfectly at new intraday highs, it still amounted to a total loss of 34.75 handles at the closing price of 5260.50.
Among the top components of the index, Meta Platforms Inc (NASDAQ: META) emerged as the biggest gainer. The issue was able to advance by $6.02 or 1.23% to close at $497.37 for the day.
That performance was clearly better than the cash index’s decline of 0.64%.
On the other hand, the biggest loser was Tesla Inc (NASDAQ: TSLA), as traders and investors headed to the exit once reports of declining Q1 deliveries came in. For the day, the issue swooned $8.59 or 4.90% to close at $166.63.
