Profit-takers and other sellers notched a slight win to close out the week on Friday, trimming the S&P 500 index futures back from their fresh all-time highs while bulls managed to defend the nearest psychological level.
The overnight action was calm once again, with bulls mostly holding support around Thursday’s close. They carved out the day’s high at 7831.75 with a minor pop following July’s retail sales report, which showed a decline of 0.6% against expectations for a 0.1% gain. Bears and profit-takers were ready to hit bids, and once the opening bell rang, that is exactly what they did.
Bulls were not ready to give up, still holding support near unchanged as the opening chop continued, though their best attempt fell just short of the premarket high. Before the first hour was done, support gave way and sellers gained a leg lower. The selloff started to level out as it neared the psychological 7800 area, where buy-the-dippers were able to squeeze out a small bounce off that support. Sellers came back in the afternoon, probing to a new low of 7796.50 before support at 7800 was regained and maintained for the final two hours. The session concluded without much fanfare near the day’s low at 7805.00, losing 17.50 handles.
Monday, market participants can look forward to some minor macro data in the morning, along with a very small handful of small company earnings, mostly after the close.
Among the top components of the index, Tesla Inc (NASDAQ: TSLA) emerged as the biggest gainer for the second day in a row. The AI/EV company advanced by $2.31 or 0.68% to close at $342.27 for the day.
That performance was not quite one percent better than the cash index’s decline of 0.20%.
Conversely, the biggest loser ended up being Broadcom Inc (NASDAQ: AVGO). For the day, the chip designer declined by $24.83 or 5.94% to close at $392.99.
