Without rehashing the wild gyrations in the S&P 500 index futures, the bottom line is the index made a new low and a new closing low for the year. In addition, there is no sign that the volatility is going to abate anytime soon, decreasing the chances of today’s low marking a short-term low.
The one and only thing that the bulls can hang their hat on is that the index caught a slight bid in the after-hours and has distanced itself from the daily low and close. For the session, the index tanked 66.50 handles to close at 3930.25. However, the last print in the after-hours session was 12.75 handles higher at 3943.
Exxon Mobil (NYSE: XOM) was the biggest gainer of the top components in the index. For the session, the issue gained $1.77 or 2.1 percent to close at $86.79.
That was nearly four percent better than the cash index’s decline of 1.65 percent.
Tesla Inc. (NASDAQ: TSLA) was the biggest loser of the top components by nearly 3 percent. For the session, the issue declined by $66.04 or 8.3 percent to extend its losing streak to five sessions.
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