The S&P 500 futures index did not follow through on its strong performance from Tuesday, nor did it crumble and give back the gains. Instead, the index teased both bulls and bears that either may take place.
Another factor tempering investors’ aggressiveness was the release of the minutes from the January FOMC meeting. It’s not hard to forget the negative impact the release of the December minutes had on the market and many were prepared for the worse.
The low for the session (4422.75) was established prior to the minute’s release and was revisited following the announcement. When the index failed to make a new low, buyers on weakness turned into buyers on strength.
Heading into the final hour, the index breached the premarket high (not by much), peaking at 4484.50, and tapered off into the close. For the session, the index added 5.50 handles to close at 4470.00.
With no outsized gainers, Amazon.com Inc. (NASDAQ: AMZN) was the biggest gainer of the top components. For the session, the issue gained $31.80 or 1% to close at $3162.01.
That was ten times the cash index’s fractional gain of 0.12%.
MetaPlatforms Inc. (NASDAQ: FB) was the biggest loser of the top components. Before the opening, the issue was submarined by Alphabet Inc.’s (NASDAQ: GOOG or GOOGL) new privacy policies and reached its lowest level since June 2020. For the session, the issue declined $4.46 or 2% to post a new closing low for the move at $216.54.
PreMarket Prep Stock Of The Day: Shopify Inc. (NASDAQ: SHOP)
Another issue punished for an earnings miss. Read more on SHOP here.
