Though Tuesday’s session was technically an outside day in the S&P 500 index futures, it was barely so, even though the range continues to contract.
Overnight, the bulls and bears had the index futures oscillating unchanged without a clear winner. Before the regular session began, South Korea’s sitting president declared martial law which helped to instigate some selling ahead of the opening bell. Selling pressure continued into the regular session, bringing the index futures down to meet last week’s close in a very choppy fashion.
As the bulls were defending support at Friday’s closing area, several comments from Fed President Daly along with Kugler and Goolsbee seemed to instigate more volatility in both directions. In addition, South Korea’s president reversed his stance to implement martial law following opposition to his earlier decision.
Bulls continued to claw back the morning’s losses with a choppy rally that lasted for the rest of the day. The scratch session concluded above the day’s midpoint at 6063.25, gaining a measly 1.50 handles.
Among the top components of the index, Meta Platforms Inc (NASDAQ: META) emerged as the biggest gainer. The tech conglomerate was able to advance by $20.82 or 3.51% to close at $613.65 for the day, marking new all-time and all-time closing highs.
For those keeping track, that performance was over 70 times better than the cash index’s advance of 0.05%.
Flipping its role from Monday, the biggest loser was Tesla Inc (NASDAQ: TSLA). Following a decision by a Delaware judge to block Musk’s latest pay package, the EV maker declined by $5.67 or 1.59% to close at $351.42.
