Friday’s S&P 500 index futures session lived up to the propensity for ending the week at an extreme end of the range, this time slumping to the lows.
Overnight, a high of 6373.50 emerged early, dampened by Thursday’s after hours earnings by top components, but bulls held the psychological 6300 level during premarket trading. At 8:30 AM ET, July’s employment report landed mostly in line with expectations (4.2% unemployment rate), yet revisions slashing 258,000 jobs from May and June doused the bulls’ early lift, helping set a bearish tone for the day.
The regular session opened just above the premarket low, but sellers quickly overran it, driving the index straight down. Buy-the-dippers sparked a morning rebound near July 16’s low (also just above July’s low), only for sellers to pile on again near 6300, crushing the rally and driving to a 6239.50 bottom. Late buyers trimmed some losses in the final two hours, but a last-minute push met equal resistance, leaving the close near the day’s low at 6264.50, down 109.75 handles. For the week, that spells a 160.50-handle or 2.50% loss.
Next week is set to bring June’s US Trade deficit, other macro data, and a slew of earnings, though no top components report.
Among the top components, Eli Lilly And Co (NYSE: LLY) emerged as the biggest gainer, climbing $22.34, or 3.02%, to $762.33 ahead of its earnings next Thursday.
That outpaced the cash index’s 1.64% drop by over four percent.
On the other hand, Amazon.com Inc (NASDAQ: AMZN) tanked as the biggest loser, plunging $19.36, or 8.27%, to $214.75 despite beating earnings, as mixed forecasts, specifically with upcoming AWS and AI-related revenue spooking traders.
