Starting with the 6:00 PM EST open on Sunday night and for the remainder of Tuesday’s session, the S&P 500 index futures price action was dictated by headlines. What is interesting, is that nearly all the headlines were negative, yet the index did not fall into the abyss.
This type of market action is likely to continue for quite some time until the geopolitical situation steadies and that is not likely to be anytime soon.
The good news is that the index did not breach either the premarket low (4250), only reaching 4261.50, and managed to distance itself from that low by the close.
The bad news is that the index did post its lowest close for 2022 (4301 vs. 4317.75). In the most volatile session of the year (another negative), the index declined by 43.50 handles to close at 4300.
Once again, the biggest gainer of the top components of the index was the smallest loser. That being Microsoft Corp (NASDAQ: MSFT), which declined less than a dime from $287.93 to $287.80.
That was much better compared to the cash index’s decline of 1.01%.
The technology growth bears are starting to come after Tesla Inc. (NASDAQ: TSLA), which is making more and more appearances as the biggest loser of the top components. The issue extended its losing streak to three in a row by declining $35.45 or 4.1% to post its lowest close for the year at $821.53.
PreMarket Prep Stock Of The Day: Home Depot Inc. (NYSE: HD)
Not a good day to announce an earnings beat that was accompanied by margin compression. Read more on HD here.
