Friday handed both bulls and bears their time in the sun in the S&P 500 index futures, but sellers had the last word after a relentless rally got ripped away by the afternoon.
Overnight, the action was fairly calm, with the index futures holding near unchanged for the most part. The regular session kicked off with a small bit of chop that would soon expand greatly. Volatility picked up in earnest after the Bureau of Labor Statistics released a preliminary benchmark revision, lowering the March employment report by about 0.1% for jobs added. That landed alongside Fed Chair Warsh’s speech, piling more headlines onto an already jumpy tape.
A quick selloff followed, but bulls rebounded right back with a relentless rally. The buying spree ran straight up to a high of 7782.50. After another attempt to break through resistance at that high, bulls were denied, bids gave right out, and the index futures fell straight back into the red. Bulls tried to defend the intraday low, but sellers pushed it even lower to 7711.75 just after the lunch hour. For the remainder of the day, bulls kept defending that low in a choppy afternoon.
The session concluded near the day’s low at 7722, losing 20.50 handles. For the week, that makes for a modest gain of 30.75 handles, or 0.40%.
Monday, market participants can look forward to ending the month with a very light earnings slate, featuring a couple of small reports in the morning and evening.
Among the top components of the index, Amazon.com Inc (NASDAQ: AMZN) emerged as the biggest gainer. The e-commerce giant advanced by $10.17 or 3.97% to close at $266.43 for the day.
That performance was over 4% better than the cash index’s decline of 0.23%.
Flipping its role from Thursday, the biggest loser ended up being NVIDIA Corp (NASDAQ: NVDA). Investors rang the register on its post-earnings run, and the chip designer declined by $10.43 or 4.57% to close at $217.55.
