The S&P 500 Index Futures continued its losing streak for the third consecutive day, despite initial signs of a potential upside rebound during today’s session.
The index opened near the premarket low of 4431.50 and gradually climbed to match the premarket high, which interestingly coincided with yesterday’s high (4454 compared to 4451). Bullish sentiment took over once this level was breached, sending the index surging to 4476. However, this rebound was short-lived. After reaching this high, the index retraced back to the premarket lows, ending the day on a rather subdued note, with a loss of 9 handles, closing at 4434.
Cumulatively, the index’s loss for the week stands at 48.50 handles or -1.08%.
The bullish activity earlier in the day can likely be attributed to the jobs report for June, which revealed an addition of 209,000 jobs, falling short of expectations. This news somewhat eased fears of impending interest rate hikes later this year, but it was not enough to stave off bearish pressure later in the session.
Among the top components, Amazon.com, Inc. (NASDAQ: AMZN) emerged as the biggest winner. Profiting from the risk-on trading day, the tech giant saw its share price increase by 1.11% or $1.42, closing at $129.78.
That performance surpassed the cash index’s decrease of 0.29% for the day.
Conversely, UnitedHealth Group Inc. (NYSE: UNH) experienced a decline, making it the biggest loser among top components. The healthcare company saw its stock price drop by 1.66% or $7.78, closing at $461.58. This followed some analyst downgrades of the stock, coupled with anticipation of its earnings report scheduled for release next Friday.