With the top five components of the S&P 500 index being mega-cap tech, once they get going in a roll direction, it is hard to stop the momentum. For Monday’s session, it was a sea of red.
The index futures showed off the 6:00 PM EST opening on Sunday night, that it was going to be a rough day. After a flat open, the index could never reach Friday’s close and was under selling pressure for all of the premarket session.
When its attempt to go green off the opening failed, the index easily breached Friday’s low and appeared it was going to be a manic Monday. However, the index found support in an unlikely area and staged a nice rebound. The rally failed to make a new intraday high and began to taper off.
A new low was made by a small margin in the last ten minutes, but staged a mild rebound into the closing bell. For the day, the index declined by 44.50 handles to close at 3856.75.
The biggest gainer of the top components was Johnson & Johnson Inc. (NYSE: JNJ). For the session, the issue posted a marginal gain of $0.07 to close at $178.35.
That was better than the cash index’s decline of 1.15%.
Tesla Inc. (NASDAQ: TSLA) was the biggest loser of the top components of the index. Shareholders showed their disapproval of Elon Musk’s latest antics by trimming $49.26 or 6.55% at a closing price of $703.03.
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