After Thursday’s robust rally, the S&P 500 index futures never had a chance of going green during the regular session. Whether it be the stronger than expected jobs number or an Elon Musk tweet regarding layoffs at his company and the state of the US economy, there were just more sellers than buyers.
The bad news is that the index skidded by 68.25 handles to close at 4107.00. That makes the loss for the week at 48.75 handles, which is tolerable after last week’s gain of 256.25 handles. The good news is that the index never neared the double bottom at the 4070 area from the previous two sessions. Also, today’s decline took place on the lowest volume for the entire week and was the lowest volume day since April 20.
The only winner and therefore the biggest one of the top components was Exxon Mobil (NYSE: XOM). For the session, the issue gained $1.42 or 1.45 percent to close at $99.09. That marks the highest close for the oil giant since August 2014.
That was over 3 percent better than the cash index’s decline of 1.63 percent.
Elon Musk inflicted the damage on his company making it the biggest loser of the top components. For the session, the issue declined by $54.71 or 7.2 percent to close at $703.55.