Not so long ago, in fact, in Thursday’s premarket session, the S&P 500 index futures reached 4300.75. With seven minutes remaining in today’s session, the index perhaps put in a short-term bottom when it ticked 3970.
The index was able to distance itself from that low as it rebounded to close in the red by 132 at 3987.50. That marks the lowest close for the index since April 2021. That brings the correction in the cash index from the all-time high to 17.2 percent.
While many expected the index to cave in to end last week, the breach of the weekly low came in the premarket session. There were a few attempts to rally in the first thirty minutes of the session, but once that failed it was one new low after another, a muted rebound, then rinse and repeat.
There was only one winner in the top components of the index and that was Johnson & Johnson (NYSE: JNJ). For the session, the issue gained $0.96 or 0.54 percent to close at $177.33.
That was over four percent better than the cash index’s decline of 3.2 percent.
Tesla Inc. (NASDAQ: TSLA) is finally joining the rank and file of overvalued stocks and was the biggest loser of the top components of the index. Now on a three-day losing streak, the issue declined by $78.54 or 9.1 percent to close at $787.11. That brings the three-day total to $165.81 or 17.4 percent, falling from last Wednesday’s close of $952.62.
PreMarket Prep Stock Of The Day: Microsoft Corp (NASDAQ: MSFT)
Last of the mega-cap technology companies to breach major support and unable to rebound. Read more on MSFT here.