The rally to end Thursday’s session faded and faded hard. The S&P 500 stock index futures spent very little time in the green at the onset of premarket trading. Also, Thursday’s low turned out to be formidable resistance as the rally off the open exceeded it by only four handles.
Once the index proved it couldn’t stay in the 3900-handle, the pace of the decline accelerated. It picked up more steam when it breached the premarket low. The daily low was far below the daily support levels under 3800, with a pair of them at 3782.
Late in the session, the index flirted with getting back above 3900, but another wave of selling in the final ten minutes distanced itself from that level.
The damage to the downside of the session was 50.50 and for the week was 90.25 handles with a closing price of 3878.
The biggest winner of the top components was the smallest loser, Alphabet Inc. (NASDAQ: GOOG). For the session, the issue declined by $0.34 or 0.37%.
That was better than the cash index’s decline of 1.11%.
Tesla Inc. (NASDAQ: TSLA) was the biggest loser of the top components by a wide margin. For the session, the issue declined by $7.44 or 4.7%.
PreMarket Prep Stock Of The Day: Darden Restaurants Inc. (NYSE: DRI)
It was a bad day to report good earnings. Read more on DRI here.
