Thursday’s S&P 500 index futures session saw bulls swiftly buy Wednesday’s dip, reclaiming gains despite volatility from some participants selling the rip(s), pushing the index futures back near recent highs.
Overnight, bears attempted to probe Wednesday’s low but were repeatedly stopped near Friday’s high, setting the session’s low at 6717.50. Futures hovered near that level into the open, with bulls kicking off a rally just before the regular session commenced. The advance continued for about 20 minutes post-open until sellers struck. Bids held firm near the opening level, and bulls started another choppy rally.
Volatility eased in the afternoon as bulls pressed higher, but resistance was encountered near the recent double-top, setting the day’s high at 6785.75, now marking a triple-top in that area. Bears and profit-takers trimmed only a small portion of gains in the final half hour, with the session closing near the day’s high at 6775, up 38 handles.
Friday brings October’s S&P flash PMI data at 9:45 AM ET, a few morning earnings reports, and September’s CPI if the government shutdown ends.
Among top index components, Tesla Inc (NASDAQ: TSLA) led as the biggest gainer, climbing $10.01 or 2.28% to close at $448.98. The move followed Wednesday’s after-hours earnings report showing record vehicle sales and a top-line beat, despite a bottom-line miss. Also bolstered by analyst price target upgrades, the issue recovered from a morning low near $414.
That outperformed the cash index’s 0.59% advance by over three times.
Conversely, Berkshire Hathaway Inc (NYSE: BRK.B) was the biggest loser, slipping $1.65 or 0.34% to close at $490.16.
