Coming off the heels of Friday’s jobs data, market participants prepared for an early dip in the S&P 500 futures index. The premarket session had the index teetering on the edge of the 4500 level, but bulls dug their heels in, providing crucial support.
Yet, by the time the regular market session opened, the morning’s uncertainty seemed to dissipate. The index had managed to rebound to Friday’s close, but the optimism was short-lived; sellers congregated around the 4520 mark, preventing the possibility of a green day. This push-and-pull dynamic characterized the day’s trading, as the futures index oscillated within the range defined by early morning activity.
The choppy session eventually ended on the downside, with the index closing the day just a hair above the 4500 level. When the dust settled, the S&P 500 futures index had retreated by 19 handles, closing at 4502.50.
Tesla Inc. (NASDAQ: TSLA) stole the show among the top components of the index. Investors cheered news that Tesla’s August sales in China had grown nearly 10% on a year-over-year basis. The electric vehicle giant’s stock advanced 4.69%, or $11.48, to end the day at $256.49.
This performance eclipsed the day’s overall market downturn, outperforming the cash index’s 0.42% loss by over 5%.
On the other end of the spectrum, Amazon.com, Inc. (NASDAQ: AMZN) found itself among the day’s bearish sentiment. The e-commerce juggernaut saw its stock decline by 0.62%, or $0.85, closing at $137.27.