Not only did the S&P 500 index futures have an inside day (higher low and lower high), it had its smallest daily range since late August. While the index did not give back all of Monday’s gains which is a good thing, the fact that the index could not post a new all-time closing high, the session is a win for the bears.
While the premarket high in the index was 4701, the index barely traded over Monday’s all-time closing high price (4696) as it peaked at 4696.75 and quickly retreated during the regular session. While the session low (4679.25) was well above Tuesday’s low (4670.75), there was selling pressure into the close.
The majority of the damage in the session came in the last fifteen minutes. Heading into that bracket, the index was still above 4690 and then gave way. For the session, the index declined by 9.75 handles to close at 4686.25.
Tesla Inc. (NASDAQ: TSLA) returned to its familiar spot as the biggest gainer of the top components. Although the issue closed well off its high for the session ($1119.64), it did gain $34.28 or 3.3% to close at $1089.01.
That far outperformed the cash index, which finished the day with a loss of 0.28%.
Meta Platforms Inc. (NASDAQ: RB) was the biggest loser of the top components for the second day in a row. After a four-day winning streak, it is now on a two-day losing streak. For the session, the issue declined $2.19 or .63% to close at $340.77.
Wednesday’s With Wedbush: Restaurant Sector Picks
On PreMarket Prep Plus “Wednesday’s With Wedbush”, Nick Setyan, Managing Director, Restaurants Equity Research at Wedbush Securities, joined the broadcast. Setyan made some broad comments on the sector and then shared his top pick. Read more about the restaurant picks here.