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Following Thursday’s aborted rally, the S&P 500 index futures came crashing down in Friday’s session. However, there were plenty of opportunities not to “sell in the hole” early on as the index recovered from its premarket decline and revisited the close within 45 minutes of the opening of the regular session.

That was not the case in the regular session as the index briefly touched Thursday’s low and began to unravel. Once Monday’s low (4555.50), the pace of the decline rapidly accelerated.

Much of the damage came within the last fifteen minutes, as the index staged a 30-plus handle rebound off 4274.50 and briefly touched 4311.75 in that final bracket. Once it pulled back and investors were alerted to a $6B imbalance, there were no bids to be found. 

The thrashing continued after the close, which was lower by 123.25 handles at 4267.25, with the last after-hours print being 4260.50.

The biggest winner of the top components of the index was the smallest loser. That was Tesla Inc. (NASDAQ: TSLA), which declined by $3.73 or 0.36 percent to close at $1005.05. 

That was much better than the cash index’s decline of 2.81%.

For the first time in a long time, Alphabet Inc. (NASDAQ: GOOG) was the biggest loser of the top components. The issue had its worst two-day stretch since early February, declining another $106.47 or 4.3 percent to close at $2392.28.


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