The bad news for Wednesday’s session in the S&P 500 index futures is that the four-day win streak was broken. The good news is that the buy-the-dippers showed up, preventing major losses.
While fairly quiet overnight and early in the premarket session, once Uber Technologies, Inc. (NYSE: UBER) and Shopify Inc. (NYSE: SHOP) released their disappointing earnings reports Wednesday morning, bears took control. However, once the regular session commenced, the buy-the-dip crowd showed up in full force in the index futures. Nearly a straight up affair, the rally that ensued had the index back at unchanged just after the first hour.
The bears stood their ground near the premarket high (5218), not allowing the bulls to advance much above unchanged during the session. The rest of the day was filled with chop, as resistance held strong and dip-buying continued. The regular session concluded at 5212.75, down by a single handle.
Among the top components of the index, JPMorgan Chase & Co (NYSE: JPM) emerged as the biggest gainer. The banking behemoth advanced by $3.90 or 2.03% to close at $195.65 for the day.
For those keeping track, that performance was over 203 times the cash index’s scratch advance of 0.01%.
The biggest loser for the second day in a row was Tesla Inc (NASDAQ: TSLA), following a report that U.S. prosecutors were examining whether the company committed securities and wire fraud regarding its self-driving claims. For the day, the EV enterprise declined by $3.09 or 1.74% to close at $174.72.
