The S&P 500 Index Futures faced several tests of support earlier this week as bulls repeatedly defended the 4475~4480 area. This culminated on Friday when the premarket session saw this support level finally crack, culminating in the index’s lowest open in a month at 4465.50.
Much of the market’s anticipation and anxiety centered around the Producer Price Index (PPI) data set for release. The inflation data didn’t bring any relief, as the PPI for final demand registered an increase of 0.3% in July, a tick higher than what market analysts had anticipated.
However, the bulls emerged from the trenches post-open, leveling the index to where it closed yesterday. The subsequent trading session witnessed a tug-of-war between the bulls and bears, with neither side ceding much ground, and resistance in the 4500 area holding steady.
Today’s range, including the overnight and premarket hours, was confined between 4459 and 4496.25—a span of fewer than 38 handles. This marked a departure from the broader fluctuations witnessed earlier in the week.
The session wrapped up with the index futures registering a drop of 5 handles, settling at 4480.75. With this, the index established a two-day losing streak, its lowest close since July 11. For the week, the index declined by 17.25 handles or a modest 0.38%.
On the individual equities front, Exxon Mobil Corp. (NYSE: XOM) stood out as Friday’s biggest winner of the top components. The energy behemoth climbed 1.55%, or $1.71, shutting down for the day at $111.83. This winning rally also marks the fourth consecutive green day for the stock.
That performance was well over 1% better than the cash index’s decrease of 0.10% for the day.
In contrast, NVIDIA Corporation (NASDAQ: NVDA) couldn’t shake off the bears. The tech titan wrapped up the day with a stark 3.62% plunge, or $15.33, closing at $408.55. This downturn extends NVIDIA’s losing streak to four days.