Over the last few sessions, the S&P 500 index futures battled back from lower opens and closed in the upper end of the range for the session. However, in Tuesday’s session, the bears had too much fodder for the bulls.
After nearly reaching 4400 in premarket trading, the index spent very little time above Monday’s closing price (4368.50). As more and more negative headlines hit the tape, the index sank lower and lower. It did not blink at the premarket low and did not bottom until the closing minutes at 4275. On a positive note, that was ahead of Monday’s low (4241.50). Shorter-term traders that fell for a large sell imbalance for the close ($1.5B), had to scramble for cover in the 30-plus handle bounce off the late day low.
For the session, the index declined 64.25 handles to close at 4303.75.
There was only one issue in the green of the top components, making it the bigger winner. That was UnitedHealth Group Inc. (NYSE: UNH) which added $0.43 or 0.09% to close at $476.25. It should be noted that in the recent rough tape, the issue is on a four-day winning streak.
JP Morgan Chase & Co. (NYSE: JPM) was the biggest loser of the top components for the second day in a row. The issue is now well below its former low for the move ($139.78) as it swooned $5.35 or 3.79% to close at $136.45.
PreMarket Prep Stock Of The Day: Zoom Video Communications (NASDAQ: ZM)
Q4 beat was overshadowed by lower Q1 and FY 2023. However, the low for the move is still intact. Read more on ZM here.