The S&P 500 index futures finally ran out of aggressive buyers. The nearly 200 point move up over the last six sessions finally found some profit takers.
Despite the premarket indication a possible test of 4200, with index firmly in the green to begin the regular session. However, there were aggressive sellers off the open of the regular session, which turned an 18-handle gain at the peak to a 24.75-handle loss at the closing price of 4129.
The loss could have been worse as the index was approaching the low for the session heading into the last fifteen minutes, but rallied to trim the loss for the day.
Amazon.com Inc. (NASDAQ: AMZN), which has not fully participated in the recent tech rally, was the biggest winner of the top components. For the session, the issue gained $1.54 or 1.5% at the closing price of $103.85.
That was over two percent better than the cash index’s decline of 0.60%.
Nvidia Corp (NASDAQ: NVDA) found some profit takers after its torrid rally and was the biggest loser of the top components. For the session, the issue declined by $5.12 or 1.8%.