The S&P 500 index futures proved its propensity to finish the week on an extreme end, but with this Friday the 13th, it was the lows that were seen after Middle East war tensions rattled the market.
Overnight trading started at a peak of 6045, and that high didn’t last long. Sellers swarmed in after news of Israeli airstrikes on Iran broke, triggering a sharp sell-off. The index bottomed out at 5927.50, marking a double bottom with last Thursday’s low. After hitting that level, bulls sparked a slow climb back toward 6000 by the regular session open.
After some back and forth following the bell, bulls fought to erase losses, pushing the index near unchanged by midday, but not quite breaching green territory. Sellers took hold once again, then were aided by reports of Iranian retaliation and cracked the psychological 6000 level.
The afternoon brought choppy trading below that mark, with late buying trimming some of the damage. The session ended near the day’s midpoint at 5979.25, down 70.25 handles, sealing a weekly drop of 30.50 handles, or 0.51%.
Looking ahead, next week’s lineup includes May’s retail and import price index on Tuesday, the FOMC’s rate decision and press conference on Wednesday, and quad witch on Friday.
Among the top components of the index, Tesla Inc (NASDAQ: TSLA) emerged as the biggest gainer. The EV/AI company was able to advance by $6.20 or 1.94% to close at $325.31 for the day.
That gain beat the cash index’s 1.12% slide by over 3%.
Meanwhile, Broadcom Inc (NASDAQ: AVGO) wasn’t as fortunate, plunging $7.37, or 2.88%, to $248.70, making it the day’s biggest loser among top components.
