The bears had a chance to regain control of the S&P 500 index and they failed for now. Following a stronger than expected July jobs data, the hawks were alive and well. The strong data may be reinforcing that inflation is nowhere near being reigned in.
The bulls stated their case that a recession is not imminent and bought the dip off the steep decline in the index following the release. Thursday’s closing price proved to be too big of a hurdle to clear as the morning rally stalled just above that level.
For the session, the index declined by 5.50 handles to close at 4146.75. On a positive note, that made the index higher for the week by 13.25 handles. The extremely narrow range for the week has both the bulls and the bears on edge.
Exxon Mobil (NYSE: XOM) was the biggest winner of the top components of the index. For the session, the issue gained $1.26 or 1.4% to close at $88.45.
That was much better than the cash index’s decline of 0.16%.
It was the “sell the news” in Tesla Inc. (NASDAQ: TSLA) as it was the biggest loser of the top components of the index. For the session, the issue declined by $61.39 or 6.6% to close at $864.51.
PreMarket Prep Stock Of The Day: Draftkings Inc. (NASDAQ: DKNG)
Reaches the highest level since early April and then retreats following Q2 beat and raised guidance. Read more on DKNG here.