Following Friday’s rally, investors were hoping for a continuation move higher to confirm that the S&P 500 index has found a short-term bottom.
After proving that it was going to hold the premarket low around Noon EST, the index had strong upward momentum heading into the final hour of the session. However, investors that bought the dip at the end of last week, were more than willing to cash out.
As a result, the index, which was higher at one point by nearly 34 handles, succumbed to selling pressure to finish in the red by 15 handles at 4004.75.
Exxon Mobil (NYSE: XOM) was the biggest winner of the top components by a wide margin. It was higher for the third day and once again tested the major resistance at the $92 area, by gaining $2.09 or 2.35 percent to close at $90.95.
That was nearly 3 percent better than the cash index’s decline of 2.39 percent.
Tesla Inc. (NASDAQ: TSLA) was the biggest loser of the top components by a wide margin as well. After falling off the open just over Friday’s close, the issue ended the session in the red by $45.22 or 5.9 percent.
PreMarket Prep Stock Of The Day: SoFi Technologies Inc. (NASDAQ: SOFI)
An upgrade from Piper Sandler sends the issue higher for the fourth day in a row. Read more on SOFI here.