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 (NYSE: 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. (NASDAQ: AAPL) shares which are trading lower by $1.10 at $121.27.
Pfizer (NYSE: 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.
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