The S&P 500 index set the tone early in premarket trading that it was going to be a rough day. After a slightly lower open at 6 PM EST on Tuesday for today’s session, the index never went green. The close (4401.75) was an exceptionally key level as Monday’s close was just below that at 4401.
A slew of poor earnings reports and/or guidance had some issues under extreme selling pressure from the opening bell. While the index did have some wicked rallies off intermediate lows, it would only crater again and make yet another new low.
Heading into the final hour, the index futures were trying desperately to find a bottom, and finally did with only 11 minutes remaining at 4330.75. The bulls got aggressive and trimmed the loss for the session from over 70 handles to 59.50 at the closing price of 4342.25.
Buyers were on the prowl after hours, following Netflix Inc.’s (NASDAQ: NFLX) Q3 beat and raised subscriptions fees for some customers. That last hours print was over five handles higher than the mark at 4347.50.
Among the top components of the index, Exxon Mobil (NYSE: XOM) was the biggest winner for the second day in a row. For the session, the issue added $1.56 or 1.4% at the closing price of $112.95. That extends its winning streak to five sessions.
That performance was well over two percent better than the cash index’s decline of 1.34%.
Conversely, investors headed to the exit ahead of Tesla Inc.’s (NASDAQ: TSLA) Q3 report after the bell and was the biggest loser. For the session, the issue cascaded $12.17 or 4.8% at the closing price of $242.68.