The S&P 500 index futures had their first two-day losing streak since March 10-14, and turned into a three-day losing streak. We all know what the index has done since then.
While the index spent some of the premarket session in the green, it never saw the unchanged throughout the entire regular session. The index had its first dip under 4100 since last Friday, bottoming at 4099.
Heading into the final hour, the index recouped some of its earlier losses, but took another turn lower into the close. The end result was a decline of 11.75 handles at the closing price of 4117.25.
Johnson & Johnson (NYSE: JNJ) surprised to the upside following a victory in the legal courts regarding its talcum powder. The issue had its best day since mid-October by adding $7.16 or 4.5% to close at $165.65.
That was nearly five percent better than the cash index’s decline of 0.28%.
Tesla Inc. (NASDAQ: TSLA) was the biggest loser of the top components. It further distanced itself from the psychologically important $200 level by falling $7.06 or 3.7% to close at $185.52.
Gene Munster on Tech and Much More for Q2
Read more on Gene’s take on Q2 here.