Thursday’s session in the S&P 500 index futures saw more new all-time highs, but the bears and profit-takers had their way by the end of the day and broke its four-day win streak.
Overnight, the index futures traded just below Wednesday’s close, finding support near the daily pivot area. After holding that level overnight, bulls managed to give enough of an uplift for a flat open. The opening chop saw a breach of all-time highs, quickly followed by profit-takers who took the index futures back into the red.
Support was found near the daily pivot area again and once it was evident that level was going to hold, bulls made their way back into green territory. A new all-time high was marked at 6107.25, but sellers came back into the mix right after the lunch hour. Buyers were able to hold support above the premarket low once again, though the action turned quite choppy for the rest of the day.
In the final hour, support near the daily pivot was finally broken, and after a valiant effort by the bulls, ended with a bout of selling. The session concluded near the intraday low at 6088.75, lower by 9.75 handles, but sellers continued to make new lows after hours. Now, market participants are turning their attention to the latest US employment report, set to be released Friday at 8:30am EST.
Among the top components of the index, Tesla Inc (NASDAQ: TSLA) emerged as the biggest gainer. The EV maker was able to advance by $11.56 or 3.23% to close at $369.49 for the day, breaking out of its recent range and marking new 52-week highs.
That performance was over three percent better than the cash index’s decline of 0.16%.
Conversely, the biggest loser ended up being Alphabet Inc (NASDAQ: GOOGL). For the day, the search giant declined by $1.73 or 0.99% to close at $172.64.
