Wednesday’s session in the S&P 500 index futures was a seesaw battle, with dip-buyers countering multiple sell-offs as traders eye Friday’s Jackson Hole comments.
Overnight, trading kicked off near a high of 6438, but the regular session opened with bears slamming the door on a green start. Selling gained steam once breaching the premarket low, until dip-buyers emerged under the 6400 handle. Bulls struggled to hold bids, bottoming at 6362.75, before clawing back in a wavering rally.
July’s FOMC meeting minutes, released at 2:00 PM ET, showed near-unanimous support for unchanged rates, boosting the CME FedWatch tool’s odds of September rates remaining unchanged by 470 basis points to 18.1%. Those headlines helped spark another dip, but bulls battled back in the final two hours, only to face last-minute sellers. The session closed above the day’s midpoint at 6413.25, down 19.25 handles.
Thursday brings manufacturing and PMI data, plus more earnings.
Berkshire Hathaway Inc (NYSE: BRK.B) snagged the biggest win among top components for the second straight day, climbing $3.24, or 0.67%, to close at $488.68.
That outpaced the cash index’s 0.27% dip by almost one percent.
Apple Inc (NASDAQ: AAPL) slumped as the biggest loser, shedding $4.55, or 1.97%, to close at $226.01.
