Bears stayed in command on Tuesday, extending Monday’s selloff and dragging the S&P 500 index futures through another rocky, back-and-forth decline.
Overnight, bears ruled the action entirely. Starting from a high of 7549.50, a steady decline carried the index futures down toward the 7400 area. The regular session opened with bears testing support near the premarket low, pushing the bottom slightly lower to 7415.25, but bids soon flooded in to pick up the dip.
June’s Manufacturing and Services PMI data coming in above expectations added some wind to the backs of bulls, who rallied nearly to the psychological 7500 level. After closely approaching that level, it was almost an immediate turn right back to the opening range. Bulls mounted another recovery as the lunch hour began, but they were unable to reach the highs again. In the final two hours, bids finally gave way, and support wasn’t found until the index neared the premarket low once more. The session concluded somewhat near the day’s low at 7437.50, losing 103.75 handles.
Tomorrow, market participants can look forward to some minor macro data at 10:00 AM ET, along with more earnings reports in the morning and evening.
Among the top components of the index, Walmart Inc (NYSE: WMT) emerged as the biggest gainer. The retail giant advanced by $2.24 or 1.91% to close at $119.42 for the day.
That performance was over 3% better than the cash index’s decline of 1.45%.
Flipping its role from Monday, the biggest loser ended up being Tesla Inc (NASDAQ: TSLA). For the day, the AI/EV company declined by $23.44 or 5.79% to close at $381.61.
