Premarket traders were hopeful for a light Producer Price Index as the futures were bid, but that did not turn out to be the case. Instead, the result was a bit higher than expected and the index futures quickly relinquished the gains and then some.
However, the index found support well ahead of the prior lows from earlier in the week and staged a significant rebound. That continued into the regular session as the index went green on several occasions, only to give any gains back.
For most of the late morning and early afternoon, the index meandered trying to decide if it wanted to clear the close. Heading into the final half hour, the index rejected the close and began to tumble. It did not make a new low for the day, but was approaching that in the final minutes of the session.
For the session, the index shed 29.50 handles to close at 3936.25. That brings the loss for the week to 139.25 handles. That snaps a two-week winning streak.
Tesla Inc. (NASDAQ: TSLA) was by far the biggest gainer of the top components of the index. The issue advanced by $5.61 or 3.2% for the session to close at $179.05.
That was much better than the cash index’s decline of 0.73%.
Amazon.com (NASDAQ: AMZN) was the biggest loser of the top components of the index. For the session, the issue declined by $1.26 or 1.4% to close at $89.09.