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After reaching its highest level since late April 2022, the S&P 500 index futures staged a major reversal. At one point, the index was higher by nearly 40 handles and then came unraveled.

The catalyst being the Bank Of Japan announcing it was going to discuss adjustments in its yield control that would allow rates to exceed 0.5%. 

The tape bomb, around 1:00 PM EST, coincided with a rebound off the initial move lower after the bloated opening. Once the index dipped into Wednesday’s range, the pace of the decline accelerated.

The index went on to breach Monday’s low (4560) and its six day low (4557.25), falling to 4553.75. The index was able to distance itself from that low and rallied slightly to trim the losses to 31 handles at the closing price of 4564.25.

Among the top components of the index, Meta Platforms Inc. (NASDAQ: META) was the biggest winner. Following a better-than-expected Q2 report, the issue added $13.14 or 4.4% at the closing price of $311.71

That was over five percent better than the cash index’s decline of 0.64%.

Tesla Inc. (NASDAQ: TSLA) was the biggest loser of the top components. Speculation that the company created a secret team to suppress customer complaints had investors heading to the exit. For the session, the issue declined by $8 or 3.03% at the closing price of $256.40.


The Closing Print with Joel Elconin’s Ticker-Time