Breaking its stellar five-day win streak, the S&P 500 index futures pulled back during Tuesday’s session. However, buy-the-dippers also showed up intraday to prevent a significant decline.
Overnight, sellers put a cap on the index futures at Monday’s close, but the bulls didn’t give up too much ground either. The regular session began slightly in the red and the bulls soon breached the premarket high to bring the index into the green. Optimism didn’t last long at all, as bears and profit-takers swiftly brought the index futures back into the red and continued lower.
Once the 6000 level was breached, the pace of the decline accelerated. Fortunately, the selloff didn’t last too much longer, as bulls found support near Friday’s low. From there, it was nearly a straight shot back up, still falling short of Monday’s close. Various Fed speakers gave comments throughout the day which pointed to a higher possibility of a pause in rate cuts in December. As of time of writing, the CME FedWatch tool indicates a 41.3% chance of no cut in December’s meeting, compared to 34.7% the day prior.
During the final hour, sellers once again had their way and took the index futures further into the red before the close. The session concluded just above the day’s midpoint at 6013, losing 18.75 handles. Market participants now have October’s CPI data to look forward to, expected to be released Wednesday morning at 8:30am EST.
Among top components of the index, NVIDIA Corp (NASDAQ: NVDA) emerged as the biggest gainer. The chip designer was able to advance by $3.03 or 2.09% to close at $148.29 for the day, nearing its all-time high.
That performance was over two percent better than the cash index’s decline of 0.31%.
Breaking its win streak in a dramatic way, Tesla Inc (NASDAQ: TSLA) flipped its role to be the biggest loser for the day. After making a new 52-week high early in the premarket session, the EV maker declined by $21.51 or 6.15% to close at $328.49.
