Similar to some of the action seen in late January, the S&P 500 index futures found themselves chopping around in a relatively small range (less than 25 handles) for the day.
The bulls initiated the regular session with an attempt to surpass Monday’s highs, yet their momentum faded after the first 15 minutes, failing to maintain a higher bid.
Selling pressure emerged shortly thereafter, driving the index futures down to the premarket lows. Despite this dip, the bulls managed to establish a floor at these levels, preventing further declines throughout the day. The majority of the trading activity remained bounded by the premarket highs and lows, encapsulating the day’s lack of a clear directional trend.
The session’s final 15 minutes saw a resurgence from the bulls, propelling the index back towards the intraday highs established at the open. The day wrapped up slightly below these peaks, marking a modest gain of 12.75 handles, closing at 4974.75.
Tesla, Inc. (NASDAQ: TSLA) reversed its recent trend from Monday to become the day’s standout performer, recouping some of its previous losses with an advance of $4.04 or 2.23%, ending at $185.10.
This performance was over seven times better than the cash index’s increase of 0.29%.
Conversely, Broadcom, Inc. (NASDAQ: AVGO) found itself on the opposite end of the spectrum, recording the session’s largest decline. The semiconductor giant’s shares retracted by $20.45 or 1.65%, closing at $1222.65.
