A few different factors led to a slightly negative day in the S&P 500 index futures, which ended the session lower by 24.50 handles at 4131.25.
First of all, the rally on Friday and the after-hours follow through coupled with early premarket action on Sunday and Monday, was just too much too fast. In addition, the month-end window dressing or undressing led to a choppy seesaw session. While some money managers were desperately trying to get exposure to some issues, others were heading for the exits in other issues.
To illustrate the uncertainty that surrounds this market, the S&P 500 cash index ended the month within a whisker of April’s closing print (4132.15 vs. 4131.93). Who could have imagined that little only six sessions ago?
Ahead of its 20 for 1 stock split, Amazon.com (NASDAQ: AMZN) was the biggest winner of the top components of the index. For the session, the issue gained $101.26 or 4.4 percent to close at $2404.19.
That was nearly 5 percent better than the cash index’s negative return of 0.59 percent.
UnitedHealth Group Inc. (NYSE: UNH) was the biggest loser of the top components of the index. For the session, the issue declined by $10.33 or 2 percent to close at $496.78.
PreMarket Prep Stock Of The Day: AMC Entertainment Holdings Inc. (NYSE: AMC)
The rally off the Memorial Day record turnout for the new movie Top Gun: Maverick aborted. Read more on AMC here.