Breaking from the year’s trend thus far, the premarket session for the S&P 500 index futures remained relatively flat, showing signs of positivity. However, this stability was disrupted following the release of the initial jobless claims for December 30, which came in below expectations (202k vs. 219k exp.) at 8:30am EST. This data point triggered selling pressure, leading to a slightly down open for the regular session.
The selling momentum was short-lived as support emerged just below yesterday’s low just after the open. Capitalizing on this, the bulls initiated a steady ascent, driving the index close to the previous day’s intraday high, albeit falling short at 4766.50.
Despite the morning rally, the latter part of the day saw a consistent selloff, persisting right until the closing bell. The index futures ultimately closed the day down by 17 handles at 4729.50.
Among the top components of the index, NVIDIA Corp. (NASDAQ: NVDA) emerged as the day’s biggest gainer. The semiconductor giant saw a modest rise of $4.29 or 0.90%, ending the session at $479.98.
This gain outperformed the cash index’s loss of 0.32% by just over one percent.
Conversely, Amazon.com, Inc. (NASDAQ: AMZN) bore the brunt of the selling pressure, becoming the most significant loser among the top S&P 500 components. The e-commerce giant’s stock declined by $3.90 or 2.63%, closing at $144.57.
