Similar to Friday, the S&P 500 index futures showed promise early on in premarket trading but were unable to hold the gains during the regular session. The fade of the premarket high began around 6:30 AM EST but accelerated heading into the opening bell.
At the onset of the regular session, the index attempted to stay in the green but was unable to. Once the index breached the premarket, it cut through the all-important low from last week and kept on going. As a result, the index breached 3900 for the first time since July 19 but was able to rebound and close just above it.
For the session, the index declined by 20 handles to close at 3910.50. That marks the lowest close since July 18, when it ended the day at 3833.75.
Tesla Inc. (NASDAQ: TSLA) was the biggest winner of the top components of the index. For the session, the issue advanced by $4.21 or 1.56% to close at $274.41.
Amazon.com Inc. (NASDAQ: AMZN) was the weakest issue of the top components. For the session, the issue declined by $1.40 or 1.10% to close at $126.11.
PreMarket Prep Stock Of The Day: Lyft Inc. (NASDAQ: LYFT)
BofA Security’s weak initiation of coverage with an Underperform exerted selling pressure right from the opening bell. Read more on LYFT here.