Any bullish traders observing the S&P 500 Futures Index during this morning’s premarket trading likely felt a glimmer of optimism, as the index breached the 4300 level within the first quarter-hour of the day session. However, their hopes were soon dashed as sellers swooped in, driving the index back down in a choppy downtrend that lasted until the end of the trading day. The index ultimately posted a 15.50 handle loss to close at 4274.25.
As a result, the index remains in a narrow trading range for the week. Market participants are likely holding their breath in anticipation of the CPI data due to be released before the market opens on the 13th, as well as the conclusion of the FOMC meeting on the 14th.
Among the top components, Exxon Mobil Corp. (NYSE: XOM) emerged as the day’s biggest winner, receiving a boost along with rising crude oil prices. The energy giant advanced by 2.24% to close at $108.53, a development that coincides with the current rotation out of growth stocks.
This performance comfortably beat the cash index’s decrease of 0.36% for the day.
On the flip side, Amazon.com, Inc. (NASDAQ: AMZN) was the day’s biggest loser among the top components, declining by 4.25% to close at $121.23. This slide continues the ongoing theme of rotation out of growth stocks.