Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
S&P 500 index futures were trading higher by one point at 2104.75 in Friday's session. After moving higher in pre-market trading, reaching 2109.25, the market collapsed off the open due to weakness in the big oil stocks and the financials.
The ensuing decline found support ahead of the pre-market low (2097.75), only reaching 2098.75 before staging a major rebound.
The top 10 components in the index are mixed with five up and five down. Leading the way on the downside is Exxon Mobil XOM shares that are being punished for a Q2 miss are trading lower by $3.88 at $79.13.
It is followed by Apple Inc. AAPL shares which are trading lower by $1.10 at $121.27.
Pfizer PFE shares are the shining star in the index as they are trading higher by $0.44 at $36.17. It is now trading at levels not seen since June 2004, when it peaked at $36.30.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
