With all of the top mega cap technology stocks trading in the red, the S&P 500 futures index was fighting an uphill battle almost the entire session. All of these issues suffered much more damage than the index ranging from 0.74-6.1%, with four of the seven being in the 3-6% range.
After being in the red for much of the premarket, the index momentarily breached the premarket high (4403 vs. 4402.25). About an hour into the session, the index proved the psychological level of 4400 was going to act as resistance instead of support, which set the tone for the remainder of the session.
Even with fifteen minutes left in the session, the bulls were poised to keep the day as a minor retreat. However, a large sell imbalance for the close gave the bears the fodder to start slamming bids.
The index went on to make a new low the day and recovered slightly in the final minute. For the session, the index declined 18.75 handles at the closing price of 4370.25.
Among the top components, Exxon Mobil (NYSE: XOM) was the biggest winner. The issue was a recipient out of mega cap technology stocks and added $1.91 or 1.9% at the closing price of $104.31.
That was over two percent better than the cash index’s decline of 0.43%.
Consistent Wall Street downgrades of Tesla Inc. (NASDAQ: TSLA) are finally weighing on the issue as it was the biggest loser of the top components. For the session, the issue tumbled $15.55 or 6.1% at the closing price of $241.05.