What started out to be another record-breaking session for the S&P 500 index on a closing basis, faded into a flat session to end the month.
On some occasions, the premarket high or low is never revisited during the regular session.
As of late, it has been the lows, not the highs that held up for the entire session. However, in Tuesday’s premarket trading, the index exceeded Monday’s all-time high (4534.50) by a nice margin reaching 4542.25 just after 2:30 AM EST.
However, it relinquished all of those gains to start the regular session flat. Sellers kept up the pressure, nudging the index beyond the premarket low, but could not even get to the low of Monday’s day session (4510.75), only reaching 4512.50 and began to rebound.
The rally started to lose momentum when it went green for the session and was only able to reach 4529.50 intraday before sellers reemerged. In a choppy afternoon, the season appeared to be heading for the lows, but a late round of buying helped trim the loss in the index.
The downside damage for the session was limited to only 4.25 handles ending the day just under its all-time high at 4521. It should be noted the index caught a bid in after-hours after being able to surpass the close, rising to the 4527 area.
Amazon.com (NASDAQ: AMZN) led the index higher by being positive for the sixth consecutive day. For the session, the issue added $49.22 or 1.4% to close at $3470.79 as opposed to the index which shed 0.13%.
The biggest loser of the top components was Visa Inc. (NYSE: V), which matched its post-earnings low for the move ($228.90), reaching $228.66. However, it did not get much of a bounce and ended the session lower by $1.83 or 0.79% at $229.10.
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