Following Thursday’s decline in the S&P 500 index futures, it seemed almost inevitable they would finish the week on the lows given the increasing expectations of a pause in rate cuts. And once again, as Friday’s session progressed, the propensity for the index futures to finish the week on the highs or lows played out.
As the overnight session began, it was evident that the bears were in control. After a fairly steady decline, support was eventually found at the weekly pivot in the early morning. By 8:30am EST the bulls had gained back some ground, but a myriad of economic data released at that time was sure to introduce more volatility.
Among the highlights, October’s import price index came in above expectations (0.3% vs. -0.1% exp.), and US core retail sales (minus autos) were below expectations (0.1% vs. 0.3% exp.). While the data instigated both buying and selling, once market participants had a chance to digest the data, bears resumed their dominance.
The regular session began just above the premarket low, which coincided with the weekly pivot. After bulls tried to establish support near that level, it was evident that selling pressure was too much, and the index futures resumed their course lower. The decline continued fairly steadily until the penultimate hour, bottoming at 5876.75. From there, bulls were able to recover some ground as bears took their profits for the day.
The session concluded somewhat above the day’s low at 5896.50, losing 81.75 handles. For the week, that makes for a loss of 128.75 handles or 2.14%.
Flipping its role from Thursday, Tesla Inc (NASDAQ: TSLA) experienced a relief-rally and emerged as the biggest gainer among top components. The EV maker advanced by $9.54 or 3.07% to close at $320.72 for the day.
That performance was over four percent better than the cash index’s decline of 1.28%.
Conversely, the biggest loser was Eli Lilly And Co (NYSE: LLY). Possibly being influenced by Trump’s pick of Robert F. Kennedy Jr. to lead the Department of Health and Human Services, the healthcare company declined by $38.73 or 4.93% to close at $746.20.
