Some down days are worse than others. The reason this one is somewhat worrisome is that the index erased nearly 30 handles of premarket gains to finish 13.25 in the red at the closing price 4399.25.
The index was boosted in premarket trading as outsized price action to the upside in NVIDIA Corp (NASDAQ: NVDA) and Tesla Inc. (NASDAQ: TSLA) was spilling over into other mega cap technology stocks.
However, tempering the bullish enthusiasm during the premarket hours was the credit downgrade of several US banks by S&P Global.
The bears took control in the last 45 minutes of the premarket session and emphasized that control off the opening bell. Just as the two aforementioned issues led the index higher, as they crumbled, the index distanced itself from the premarket and intraday highs.
Among the top components of the index, Apple Inc. (NASDAQ: AAPL) was the biggest winner. For the session, the issue advanced by $1.39 or 0.8% at the closing price of $177.23. That extends its winning streak to three sessions in a row.
That was roughly one percent better than the cash index’s decline of 0.28%.
Early on in the session, it seemed Nvidia Corp (NASDAQ: NVDA) was going to be the biggest winner. However, in what may be the most crowded pre-earnings trade ever, the issue ended up being the biggest loser of the top components. After being in the green by over $20 off the open, the issue finished in the red by $12.99 or 2.8% at the closing price of $456.68.
