Tuesday’s S&P 500 index futures session hit a growing wall of resistance, forming a triple-top as earnings continue to roll in.
Overnight, bulls kept the index aloft, brushing against Friday’s high during premarket trading to set a peak at 6377.50. After starting the regular session slightly in the green, at 10:00 AM ET, July’s ISM Non-Manufacturing (Services) Purchasing Managers Index (PMI) landed at 50.1% versus 51.5% expected, hinting at a sluggish service sector expansion, and bears seized the moment.
A swift 40+ handle selloff broke the premarket low, dropping to 6315.50 before bulls stepped in to hold the line. A choppy rally stalled near 6350, but sellers edged out buyers in the final two hours, wrapping the session near the day’s low at 6325.25, down 30.75 handles.
Tomorrow brings another wave of earnings reports before the open and after the close.
Among the top components, Berkshire Hathaway Inc (NYSE: BRK.B) emerged as the biggest winner, climbing $5.08, or 1.11%, to close at $464.19.
That outpaced the cash index’s 0.51% dip by over one percent.
On the other hand, Meta Platforms Inc (NASDAQ: META) tanked as the biggest loser, shedding $12.91, or 1.66%, to close at $763.46.
