Friday’s session in the S&P 500 index futures swapped dreams of finishing the week at new all-time highs for more choppy consolidation around 6500, as weak jobs data rattled market participants.
Overnight, bulls pushed to new all-time highs, likely helped by Broadcom’s strong earnings, but caution loomed ahead of August’s employment report. The data, released at 8:30 AM ET, was light with only 22K jobs added versus 75K expected, though unemployment held steady at 4.3%. Algos triggered an initial dip, but bulls soon flipped the script, surging to new highs. The regular session opened near the highs, but resistance at the premarket high wouldn’t budge. Profit-takers and bears pounced after an all-time high of 6541.75, plunging the index to a low of 6452, matching Thursday’s low for a double-bottom.
Bulls clawed back some losses, but chop dominated the rest of the session, with late buying softening the blow. The session closed slightly below the day’s midpoint at 6489.75, down 21 handles, logging a measly weekly gain of 17 handles, or 0.26%.
Next week brings August’s PPI and CPI data Wednesday and Thursday, respectively, plus a sprinkle of earnings reports.
Broadcom Inc (NASDAQ: AVGO) snagged the biggest win among top components, soaring $28.79, or 9.41%, to close at $334.89 after Thursday’s Q3 earnings beat and upbeat guidance, though shy of its morning (and all-time) high of $357.14.
That outpaced the cash index’s 0.29% dip by a neat nine percent.
JPMorgan Chase & Co (NYSE: JPM) slumped as the biggest loser, shedding $9.44, or 3.11%, to close at $294.38 despite a morning all-time high of $305.11.
