To recap the premarket and regular price action in the S&P 500 index futures would require a dose of Dramamine. Instead, let’s eliminate the intraday chop fest, partially instigated by Jerone Powell’s testimony on Capitol Hill, and focus on the net result for the session.
That being a gain of 37 handles with a close at 3799.75.
The ultimate low for the session was put in place just ahead of the commencement of premarket trading at 3735. After nearly reaching 3800 off the open, the index went into a steep decline but found buyers ahead of that level and began to rebound around 1:00 PM. Interestingly, that is at the same time Powell ended his testimony to Congress on the state of the US economy.
The rebound off that low went one tick above Wednesday’s high, reaching 3805.75 in the final few minutes before tapering off into the close.
Amazon.com Inc. (NASDAQ: AMZN) was the biggest winner of the top components of the index. The issue is now on a four-day win streak after gaining $3.49 or 3.2 percent to close at $112.44.
Exxon Mobil (NYSE: XOM) was the biggest loser of the top components of the index. It has now given up the majority of its May and early June gain by declining $2.65 or 3.2 percent to close at $85.21.
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