Thursday’s S&P 500 index futures session saw bulls and bears in a tug-of-war, pushing to new all-time highs but closing with minimal gains after a volatile day.
Overnight, bulls drove the index futures to a new all-time high of 6782.25 just before the opening bell. The regular session opened with profit-takers triggering a steady morning decline, which wasn’t helped by Fed’s Logan noting a fragile labor market. Sellers bottomed at 6741.50 before buy-the-dippers stepped in to reverse the decline just before noon, sparking a V-shaped recovery that lifted the index futures above unchanged in the final two hours.
The rebound rally slowed in the penultimate hour, giving way to minor chop late in the session. The day closed above the midpoint at a new all-time closing high of 6766.75, up a modest 5.25 handles.
Friday’s anticipated September Jobs report at 8:30 AM ET may be delayed due to the government shutdown.
Among top index components, Broadcom Inc (NASDAQ: AVGO) led as the biggest gainer, rising $4.79 or 1.44% to close at $338.18.
That outperformed the cash index’s 0.12% gain by over a dozen times.
On the other hand, Tesla Inc (NASDAQ: TSLA) was the biggest loser, falling $23.46 or 5.11% to close at $436.00, hit by profit-taking after releasing Q3 vehicle production and delivery records.
