The bullish spirit rekindled on Friday as investors who seized the dip either today or recently reaped substantial rewards. The pre-market action in the S&P 500 futures index was uneventful until the US jobs report unfurled at 8:30 AM ET, revealing 336K jobs added in September while unemployment steadied at 3.8%.
A swift sell-off followed, dragging the index to a premarket low of 4242.25 by 9 AM. Although some ground was regained by the open, the bull brigade took center stage around 10:30 AM, propelling a rally that steadily elevated the index into the green to eventually close near the highs of the day.
Including the premarket low, the day’s trading range stretched over 116 handles, with the futures index amassing a hearty 50.75 handles to close at 4341.50. This made for a positive start to October, registering a weekly gain of 12.25 handles or 0.28%.
Among the top components of the index, Meta Platforms Inc. (NASDAQ: META) emerged as the day’s biggest winner. The social media behemoth rallied along with the rest of the mega cap tech issues, advancing 3.49% or $10.64 for the day, to close at $315.43.
That performance still handily beat the cash index’s gain of 1.17% almost threefold.
Conversely, Exxon Mobil Corp. (NYSE: XOM) endured as the lone, and hence the biggest loser among the top components, despite a bounce in crude oil prices. Exxon’s share price dwindled by another 1.67% or $1.82, concluding the day at $107.17.