Friday’s S&P 500 index futures session snapped a three-day losing streak, closing with some optimism in a volatile week that ended with a slight weekly loss.
Overnight trading remained largely flat, holding a low of 6653.25. At 8:30 AM ET, August’s PCE Index met expectations, while month-over-month personal spending and income each beat forecasts by 10bps, sparking a brief premarket pop. By the opening bell, this gain faded, but bulls quickly rebounded, pushing past the premarket high and climbing steadily. September’s consumer sentiment, reported at 55.1 (vs. 55.4 expected) at 10:00 AM ET, prompted a brief surge to a daily high of 6703.75, forming a double-top with Thursday’s high. Sellers then triggered a sharp ~45-handle swoon.
Support formed around unchanged, where bulls stabilized for the rest of the morning. A sustained rally kicked off during the lunch hour, carrying through to the close. The session ended near the day’s high at 6696.50, up 36.75 handles, though the week closed with a loss of 26 handles or 0.39%.
Next week brings a light earnings calendar and heavy macro data, including Manufacturing PMI on Wednesday morning and the latest jobs report on Friday.
Among top index components, Tesla Inc (NASDAQ: TSLA) reclaimed its spot as the biggest gainer, rising $17.01 or 4.02% to close at $440.40, helped along by a Wedbush price target upgrade.
That outperformed the cash index’s 0.57% gain by a magnificent seven times.
Meta Platforms Inc (NASDAQ: META) was the biggest loser, slipping $5.16 or 0.69% to close at $743.75.
