Bears edged out a slight win on Thursday, capping a short holiday week in the S&P 500 index futures with an outside day that expanded the range to both the upside and the downside.
Overnight, the action stayed mostly around unchanged, oscillating between green and red as traders awaited the morning’s marquee data. June’s jobs report came in slightly light: the headline unemployment rate sat at 4.2% (vs. 4.3% expected), but far fewer jobs were added than forecast, just 57K against the 115K expected. Bulls rallied on that news, but the pop was sold off by the open.
Once the regular session began, bulls sprang back into action, rallying the index futures to a new high of 7593.75. After several attempts to break through resistance in that area, bids started to give way and a choppy decline ensued. Following a pause near unchanged, bears and other sellers took the index futures steadily lower to reach a low of 7479.50. From there, buy-the-dippers began to step in, though more slowly than the selling that came before. As the close neared, bulls kicked into gear, but it wasn’t quite enough to make it into the green. The session concluded below the day’s midpoint at 7528.25, losing 15.25 handles. For the week, that makes a gain of 126.50 handles or 1.71%.
Monday, market participants can look forward to a few minor earnings reports, mostly after the close, along with some minor services data after the open.
Among the top components of the index, Apple Inc (NASDAQ: AAPL) emerged as the biggest gainer. The tech giant advanced by $14.25 or 4.84% to close at $308.63 for the day.
That performance was over 4% better than the cash index’s decline of 0.13%.
Conversely, the biggest loser ended up being Tesla Inc (NASDAQ: TSLA). After beating latest delivery estimates, the numbers weren’t enough for investors, and the AI/EV company declined by $31.85 or 7.49% to close at $393.45.
