The S&P 500 index futures experienced a tug-of-war between bears and bulls on Friday, following Thursday’s recovery. During the overnight and premarket sessions, the market displayed a pattern of selling off rallies, yet the bulls staunchly defended the 4800 area, albeit with one momentary breach during the premarket.
The release of December’s Producer Price Index (PPI) data at 8:30am EST provided the necessary impetus for the bulls, as it came in at -0.1% versus a forecasted +0.1%. This favorable data helped the bulls break through resistance, setting a positive tone for the regular session’s start.
The initial rally extended into the first 15-20 minutes of the regular session, pushing the index up to 4836.50, nearly matching Thursday’s high. However, this surge was met with strong resistance, as bears reasserted control, pushing the index back towards the 4800 handle. Despite this pressure, support above the 4800 level held firm.
The remainder of the day saw the index fluctuating around the breakeven point, ultimately closing with a marginal gain of one handle at 4816.50. For the week, the index futures recorded a healthy increase of 81.75 handles, or 1.7%.
Among the top S&P 500 components, Meta Platforms, Inc. (NASDAQ: META) stood out as the day’s most significant gainer. The social media conglomerate saw an increase of $4.82 or 1.30%, closing the day at $374.49.
That gain was notably more robust than the cash index’s scratch gain of 0.07%.
On the other hand, Tesla, Inc. (NASDAQ: TSLA) continued slipping downwards, marking its fourth consecutive day as the biggest loser among the top components. The electric vehicle manufacturer’s stock declined by $8.33 or 3.67%, finishing at $218.89.
