The bad news is the S&P 500 index extended its losing streak to four days. The good news is the index distanced itself from its daily low in the final few minutes of the session.
For the most part, it was choppy range-bound session, with the index breaching both the premarket high and premarket low. However, both extended moves above and below those levels were faded.
At first, the release of the Fed minutes gave a boost to the market, but that quickly faded and the index went on to make a new low for the day.
The end result to the choppy range-bound session, was a modest decline of 6.75 handles with a closing print of 3999. That marks the lowest close in the index since January 31.
Tesla Inc. (NASDAQ: TSLA) was the biggest winner of the top components of the index. For the session, the issue gained $3.49 or 1.8% to close at $200.86. That continues its indecisive pattern of an up day being followed by a down day over the last four sessions.
That was 2% better than the cash index’s decline of 0.17%.
The sharp decline in Crude Oil futures caused Exxon Mobil (NYSE: XOM) to be the biggest loser of the top components. For the session, the issue declined by $1.44 or 1.3%.