In what started out as a quiet week, the drop seen in Thursday’s session seemed to indicate the S&P 500 index futures might finish Friday on the lows. But instead of finishing on one of the extremes, the index futures finished near the middle of the week’s range.
Friday’s premarket session started on a somewhat quiet note, with the bulls slowly regaining some of Thursday’s losses. Once the regular session commenced, the bulls and bears battled it out with 10+ handle swings and no clear winner. At 8:00am EDT, May’s final consumer sentiment revision came in at 69.1, slightly above expectations (67.4). From that point on, the bulls started to gain an upper hand, breaking through resistance at the premarket high.
Before the lunch hour, the bulls had been able to sustain a decent rally to 5329.25, coinciding with this week’s opening print. Unfortunately for the bulls, they were unable to hold onto all the morning’s gains, and the index futures retreated slightly to chop around the 5320 area for most of the afternoon. During the final hour, the bears tried to initiate a selloff, but support held strong at the daily pivot (5309). From there, the bulls were able to reclaim some of the morning’s gains before the long weekend commenced.
The day concluded somewhat near the highs at 5321.50, up by 36.25 handles. For the week, that makes for a loss of only 5.75 handles or 0.11%.
In a change of pace for Tesla Inc (NASDAQ: TSLA), the EV maker emerged as the biggest gainer among the top components of the index. The issue was able to advance by $5.50 or 3.17% to close at $179.24 for the day.
That performance beat the cash index’s advance of 0.66% over fourfold.
On the other hand, the biggest loser ended up being Amazon.com Inc (NASDAQ: AMZN). For the day, the e-commerce enterprise declined by $0.30 or 0.17% to close at $180.75.
