All good things must come to an end, including the recent winning streak in the S&P 500 index futures. Resuming its ways from last week, most of the premarket action did not reflect the price action in the regular session.
In premarket trading, the index came close to Thursday’s high (current high for the move), but came up shy and reversed course. The retreat gained momentum when the Fed’s Williams refuted Federal Reserve Chairman Jerome Powell’s testimony earlier in the week, that the Fed had pivoted and was planning to lower rates.
Although it was a smaller-than-average trading range, it was extremely choppy, appearing to weaken and then bouncing right back. In the final five minutes, the index made one more attempt to close green and made a new intraday high.
However, sellers came out of the woodwork and knocked off ten handles into the close. The end result was a minor loss of six handles at the closing price of 4768. The index extended its weekly winning streak to seven by 107.75 handles.
Among the top components, the index’s biggest one, Microsoft Corp (NASDAQ: MSFT), was the biggest winner. For the session, the issue added $4.80 or 1.31% at the closing price of $370.73 or 1.31%.
That was better than the cash index’s flat performance.
Exxon Mobil (NYSE: XOM) resumed its downward trend and was the biggest loser of the top components. For the session, the issue declined by $0.68 or 0.67% at the closing price of $100.90.