In a session full of mixed results, it was the bears that ultimately pulled ahead in the S&P 500 index futures on Tuesday.
After spending most of the overnight hours in the red, bulls were able to give the index futures a slight uplift to start the regular session in positive territory. Immediately following the opening bell, bears instigated some selling to distance themselves from the premarket high. The bulls weren’t quite ready to give up, slowly fighting back and breaching the premarket high. Unfortunately, they couldn’t hold a bid above that level and sellers took back the reins.
The slow, choppy decline continued into the afternoon and even accelerated during the final hour once support at the premarket low was breached. Buy-the-dippers came in just before the index futures reached last week’s low to pare back some of the day’s losses.
Concluding in the lower half of the day’s range, the session marked a 19.50 handle loss to close at 6046.25. Market participants now have to look forward to CPI data being released Wednesday morning at 8:30am EST.
Among the top components of the index, Alphabet Inc (NASDAQ: GOOGL) emerged as the biggest gainer. The search giant was able to advance by $9.80 or 5.59% to close at $185.17 for the day.
That performance was nearly six percent better than the cash index’s decline of 0.31%.
Conversely, the biggest loser ended up being Broadcom Inc (NASDAQ: AVGO). Ahead of their Q4 report, set to be released Thursday at 4:15pm EST, the chip designer declined by $7.13 or 3.98% to close at $171.81.
