The bears continued their dominance in the S&P 500 index futures as it sank for the fourth day in a row. That marks the fourth time since late June that it has taken place. The first occurrence in mid-June turned into a five-day losing streak, which marked a major bottom for the index that provided a base for the corresponding nearly 700-handle rally.
The index did spend some time in the green both in premarket trading and the regular session. However, once the index proved it could not hold the close just after 1:00 PM EST, it ground lower.
The index breached the low for the move and attempted to rebound. However, end-of-the-month selling pressure made for an ugly last fifteen minutes. At one point, the index threatened to go near the close but then collapsed. As a result, the index shed 31 handles to close at 3956.50.
A rally in shares of Snapchat Inc. (NYSE: SNAP) off its restructuring efforts instigated a strong bid in Meta Platforms Inc. (NYSE META) and was the biggest winner of the top components. For the session, the issue gained $5.77 or 3.7% to close at $163.93
That was over 4% better than the cash index’s decline of 0.40%.
Bad news from Seagate Technology Holdings Inc. (NASDAQ: STX) kept the selling pressure on chip stocks, resulting in Nvidia Corp (NASDAQ: NVDA) being the biggest loser of the top components. For the session, the issue declined by $3.74 or 2.4% to close at $150.94.
PreMarket Prep Stock Of The Day: Crowdstrike Holdings Inc (NASDAQ: CRWD)
Levels from the last two sessions provide a chance for selling into strengths and weaknesses. Read more on CRWD here.