The S&P 500 index futures were under continued pressure today, largely thanks to Apple Inc.’s (NASDAQ: AAPL) continuing selloff. Overnight and premarket selling meant the bears were in control, setting a cautious mood ahead of the opening bell.
Despite the bearish atmosphere, the bulls found a silver lining by establishing firm support around the 4435 level just before the market opened. Throughout the opening action, this support was rigorously tested, at one point reaching an intraday low of 4434.25. The bulls then asserted themselves, largely dictating the day’s action, amidst some chop.
While Apple and the broader tech sector acted as a drag on the index, a flight to quality into utilities and other value stocks offered some buoyancy. This balancing act helped maintain some semblance of stability.
As the market approached closing time, the bulls mustered enough energy for a last-ditch attempt to test the premarket highs. However, they fell just a bit short with the index making an intraday high of 4463. By the time the market closed, the index had limited its losses, ending the day down by 15.25 handles at 4456.25.
In terms of individual equities, Amazon.com, Inc. (NASDAQ: AMZN) stood out as the biggest winner among the top components. The e-commerce giant surged 1.84%, or $2.49, to close at $137.85.
This performance was notably stronger than the cash index’s decline of 0.31% for the day.
On the flip side, Apple Inc. (NASDAQ: AAPL) couldn’t shake off its bearish momentum, ending the day as the biggest loser among the top components. The tech behemoth declined by 2.92%, or $5.35, to close at $177.56. On a slightly positive note, Apple did manage to recover close to half of its losses from its daily low of $173.54, which was hit within the first few minutes of the regular session.