In one of the strangest trading sessions in quite some time, the S&P 500 index futures did one reversal after another. Off the solid Q4 beat from Amazon.com (NASDAQ: AMZN), the index tacked on nearly 60 handles in premarket trading, only to give it all back and go red in the premarket session by 30 handles. The culprit for the latter part of the decline was much better than the expected jobs number, which has investors fearing more inflation and a rampant increase in interest rates
The reversal from the premarket low (4438.50), which was almost reached around 11:30 AM EST, held and set the stage for a rip-roaring rally. That rally breached the premarket high, reaching 4532.50 and yes, the index reversed once again.
In the last forty-five minutes, there was nothing but sellers, even with a small buy imbalance being posted. As a result, the index was unable to close above the psychological 4500 level, ending the session higher by 23.50 handles at 4492.50.
Amazon.com (NASDAQ: AMZN), which was battered in Thursday’s session, was by far the biggest winner of the top components of the index. For the session, the issue added an astounding $375.88 or 13.5% to close at $3152.79.
That dwarfed the cash index’s gain of 0.52%.
UnitedHealth Group Inc. (NYSE: UNH) went from the biggest winner on Thursday to the biggest loser on Friday. For the session, the issue declined $5.60 or 1.15% to close at $483.17.
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