So far, the market pundits that called last week’s move a “bear market rally” have it correct heading into the final two trading sessions of the week.
Off the open of the regular session, the bulls tried to assert control, but when the S&P 500 index failed to clear the intraday high from Tuesday, the bears came out of hibernation. That, coupled with some hot US Manufacturing data rekindled inflation fears and sent the index into a tailspin.
However, some dovish Fed “speak” and a decline into the lower end of Friday’s range instigated a mid afternoon rally. Unfortunately, the rally faded into the close and the index ended in the red by 32.25 handles at 4099.
Exxon Mobil refused to go down and was the biggest winner of the top components of the index. For the session, the issue gained $1.84 or 1.87 percent to post its highest closing price since August 2014 at $97.84.
That was over 2 percent better than the cash index’s decline of 0.78 percent.
Tesla Inc. (NASDAQ: TSLA) was the biggest loser of the top components of the index. For the session, the issue declined by 2.4 percent to close at $740.37.
PreMarket Prep Stock Of The Day: DoorDash Inc. (NYSE: DASH)
Raised Q2 guidance fails to deliver a rally. Read more on DASH here.