In the premarket session, the S&P 500 futures index looked poised to open much lower than yesterday’s close. However, the “buy the dippers” came in before the market opened, helping to establish support with a double bottom in the 4150 area (Monday’s low was 4148.00 and today’s premarket low of 4150.50).
Soon after the open, the buying strength continued, with the index nearing yesterday’s high. Despite this momentum, the bulls were outmatched in the afternoon, as sellers entered the fray before the close. The day ended with the S&P 500 index futures losing 1.5 handles, closing at 4178.50.
Among the top components of the index, Amazon.com, Inc. (NASDAQ: AMZN) emerged as the biggest winner, advancing by 1.96% to close at $104.30.
This outpaced the cash index’s decrease of 0.04%.
In contrast, UnitedHealth Group Inc. (NYSE: UNH) was the biggest loser among top components as of the close, declining by 3.62% to close at $486.20.
It’s worth noting that Tesla Inc. (NASDAQ: TSLA) has continued to lose ground in after hours trading, once its latest earnings were released. As of writing this article, TSLA is down by 6.95% on the day.