For the seventh day in a row, the S&P 500 index futures made a higher high, a higher low, and closed at a new all-time high.
The index bottomed around just ahead of the open of premarket trading (4:00 AM EST) at 4667.50 and began to move higher. Two separate catalysts ignited a 40 plus handle rally off that low. The first being, the announcement by Pfizer Inc. (NYSE: PFE) that it has developed and will be seeking FDA approval for an antiviral pill for Covid-19 that is 89% effective.
Also, a better than expected jobs number at 8:30 AM EST added to the strong momentum to the upside. The index finally peaked around 10:15 AM at 4711.25 and remained in the 4700 handle until noon. At that time, some profit-takers came into the market and instigated a significant decline.
However, it was unable to come close to the premarket low and could not even reach Thursday’s close (4673.25), finding buyers at 4674.25 and reversed course.
The index was able to make a new all-time closing higher by 17 handles at 4690.25.
It should be noted that there was moderate selling pressure on the index until 5:00 PM EST after-hours close. The final print is a few points off the close at 4685.75
For the first time in a long time, Meta Platforms Inc. (NASDAQ: FB) was the biggest gainer of the top components. The issue is now back above the level it was at before it was slammed following its Q3 report. For the session, the issue added $5.50 or 1.63% to close at $341.35.
That was five times the cash index’s gain of .34%.
Retailer Home Depot Inc. (NYSE: HD) was the biggest loser of the top components. After failing to clear the major resistance at the $374 area, the issue declined $3.78 or 1.02% to close at $368.40.
PreMarket Prep Plus Stocks Of The Day: Intel Corp (NASDAQ: INTC) and Draftkings Inc. (NASDAQ: DKNG)
The Friday segment on the PreMarket Prep Plus Show continued with Sean Udall, the Tech Stock Strategist and the publisher of The Udall Report as the featured guest. Sean discussed a few long-term plays in the market. Read more about INTC and DKNG here.