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Daily Wrap-Up: Rally Sold | February 12, 2024

By March 25th, 2024No Comments2 min read

The “buy the dippers” were notably absent during Monday’s trading session in the S&P 500 index futures. 

The regular session opened with the bulls in control, and though new all-time highs were made for the index, the action in the front month futures contract ran up against resistance just below its January 2022 high (5068.37).

As the day’s fedspeak continued with Presidents Barkin and Kashkari delivering their remarks, a notable shift occurred to a “sell the rip” mentality. Their collective statements catalyzed a bearish turn in the afternoon, erasing the day’s gains and pushing the index into negative territory. This sell-off saw the index futures struggle to maintain Friday’s closing levels, eventually succumbing to selling pressure.

The session ended with a slight decline, closing down 2.75 handles at 5041.25, as the market’s attention turned towards the anticipation of CPI data set to be released tomorrow morning.

JPMorgan Chase & Co. (NYSE: JPM) stood out as the session’s most significant winner among top components, notching a modest advance of $0.78 or 0.45%, to close at $175.79. 

This gain narrowly outperformed the cash index’s scratch loss of 0.04%.

Conversely, Tesla, Inc. (NASDAQ: TSLA) bore the brunt of the day’s losses, with the stock dropping $5.44 or 2.81%, ending the day at $188.13, marking it as the session’s most notable laggard.