Just ahead of the opening of premarket trading for equities, the S&P 500 index bottomed when it was 36 handles in the red. The index clawed its way back early in the regular session and went in the green by 19.75 handles.
However, negative comments from the CDC regarding the recent rise in Covid-19 hospital admissions since May interrupted the rally around 9:45 AM EST. As late as 1:15 PM EST, the index was still flirting with having a positive session.
That was officially aborted with the Feds Tom Barkin mentioning of a slowing economy that could lead to a recession. The bears feasted on his comments and the index plummeted and breached the premarket low by a considerable margin.
In the final 15 minute bracket, buyers stepped in the area of the index’s July 6 low and instigated a rally into the close to trim the losses for the day. The end result of the choppy day was a decline of 33 handles with a close of 3823.75.
The biggest component of the index was the biggest gainer, Apple Inc. (NASDAQ: AAPL). For the session, the issue advanced by $0.99 or 0.68% to close at $145.86.
That was better than the cash index’s decline of 0.92%.
The second biggest component of the index was the biggest loser, Microsoft Corp. (NASDAQ: MSFT). For the session, the issue declined by $10.84 or 4.1% to close at $253.67.
PreMarket Prep Stock Of The Day: Pepsico Inc. (NYSE: PEP)
Premarket price action provides for great levels during the regular session. Read more on PEP here.
