Wednesday’s session in the S&P 500 index futures featured a tug of war between the bulls and bears.
Echoing the late resurgence of bullish momentum from Tuesday’s closing minutes, the bulls were ready to show their love heading into Wednesday’s premarket session. The early optimism translated into a modestly higher opening for the regular session, with the bulls initially driving the index futures upwards in the first hour of trading.
However, resistance at the weekly pivot point of 5010 proved formidable, with the bears effectively countering to push the index back down. Despite this, the bulls managed to hold the line above Tuesday’s close, preventing a shift into negative territory for the day.
The battle continued, with the bulls facing an uphill struggle, yet ultimately prevailing to reach new intraday highs before the session closed just below these levels. The day ended on a positive note, with the index futures up by 46.75 handles, closing at 5018.
Meta Platforms, Inc. (NASDAQ: META) stood out as the session’s most significant gainer among top components of the index, advancing by $13.16 or 2.86% to close at $473.28.
This gain outperformed the cash index’s rise of 0.91% by more than threefold.
Conversely, Apple Inc. (NASDAQ: AAPL) faced the day’s most notable decline, influenced by a Berkshire Hathaway filing that revealed a slightly reduced stake in the tech giant. Apple’s stock dipped by $0.89 or 0.48%, ending the session at $184.15.
