The S&P 500 index futures had its smallest daily range (25.75 handles) of the year. Also, the index had its smallest weekly range of the year (63 handles). Finally, heading into a huge earnings week, the index is having not only its smallest monthly trading range of the year, but the tightest monthly range since July 2019.
The bulls defended the 4140 area for the third time in the last few sessions. The bears are making their stand as the index made its third lower high in a row.
Friday’s session was a minor win for the bulls eeking out a gain of 4.25 handles at the closing price of 4156.75. The week was a minor win for the bears as the index declined 7 handles.
Amazon.com Inc. (NASDAQ: AMZN) was the biggest winner of the top components of the index. The Street took a liking to the reduction in headcount at its Whole Foods Division. As a result, the issue added $3.15 or 3% at the closing price of $106.96. That is the second highest closing price for the issue in 2023.
That was much better than the cash index’s marginal gain of 0.1%.
Apple Inc. (NASDAQ: AAPL) was the biggest loser of the top components of the index. Concerns over demand for PC’s weighed on the issue as it declined by $1.63 or 0.98% at the closing price of $165.02.