After a robust 100-handle rally last Monday-Thursday, the S&P 500 index futures took a breather on Friday and gave a portion of the gains back. At the onset of the final hour, it appeared that the Friday, Monday follow-through scenario was coming to fruition.
Although the index did breach the premarket low early in the final hour, buyers were stacked up ahead of Friday’s low (3941.50), only reaching 3946, and staged a rebound. The patient sellers, who were present for most of the session, pulled their offers in the final 30 minutes and the rally was on.
As a result, the index flipped from a 19-handle loss to in the green by 5 handles at 3970 by the close.
However, those gains quickly evaporated in the after-hours session as Wal Mart Inc. (NYSE: WMT) cut guidance for Q2, Q3 as well as FY 2023. That news knocked 7 plus handles off the mark with the last after-hours print being 3962.25.
A 2% plus rally in Crude Oil futures prompted Exxon Mobil (NYSE: XOM) to be the biggest winner of the top components of the index. The issue added $2.90 or 3.33% for the session to close at $89.98.
That was much better than the cash index’s advance of only 0.13%.
Not including the after-hours carriage in the retail sector instigated by Wal Mart Inc. (NYSE: WMT) lowering guidance, Nvidia Corp (NASDAQ: NVDA) was the biggest loser of the top components of the index. The issue declined by $2.95 or 1.7% to close at $170.24.
PreMarket Prep Stock Of The Day: Snap Inc. (NYSE: SNAP)
Has it found a short or long-term bottom? If it follows the Netflix Inc. (NASDAQ: NFLX) script, maybe. Read more on SNAP here.