The S&P 500 index futures got a little ahead of itself following a better-than-expected Consumer Price Index reading for March. As a result, the index reached an important level in premarket trading that it was never able to revisit in the regular session.
That being the former high for mid-March (4171.75) as the index peaked at 4177.75 in the premarket and sharply reversed course.
Trepidation over Q1 earnings increased as American Airlines (NYSE: AAL) was first to lower the bar for their Q1 print. The end result was the index turning a 40+ handle gain into a 17.50 handle loss at the closing price of 4119.
The best performer of the top components was Berkshire Hathaway Class B (NYSE: BRK.B). For the session, the issue added $0.85 or 0.27% at the closing price of $314.55.
That was much better than the cash index’s decline of 0.42%.
Tesla Inc. (NASDAQ: TSLA) was the weakest link of the top components. For the session, the issue declined by $6.25 or 3.3% at the closing price of $180.54.