For much of last week, it was investors attempting to sell into strength. Although the S&P 500 index had sharp intraday declines last week, it tepidly crawled its way back and for the most part, and finished the Tuesday-Thursday sessions comfortably off its intraday lows.
However, on Friday, the index tapered off into the close and ended the session in the lower portion of the range for the day. As it turns out, that was the low for the week as well.
The premarket session was a battle royale between the bulls and the bears. It did manage to pierce the weekly low early on and was in the green until the commencement of premarket trading for equities (4:00 AM EST).
On no major macroeconomic news, the index went into a sharp decline and was deep in the red by the opening of the regular session. When the index could not catch a bid off the open, the floodgates opened resulting in a 109-handle decline from the premarket high to the intraday low.
Just as it went down on no news, the index came roaring back on no news as well. The pace of the rebound off the low accelerated once the index stabilized over 4600. The end result was a modest loss of 5.50 handles at 4662.50.
Tesla Inc, (NASDAQ: TSLA) was the biggest gainer of the top components of the index. The issue ended its four-day skid, adding $31.16 or 3% to close at $1058.12.
Despite a $100 plus rebound off its intraday low, Amazon.com (NASDAQ: AMZN) was the biggest loser of the top components. The issue extended its losing streak to six sessions, by falling $21.36 or 0.66% to close at $3229.72.