Any investors looking for a definitive breach of the June low, it may have happened on Friday. The bulls put up a battle until lunchtime, then they got devoured by the bears. Once the index was unable to hold Thursday’s close, the pace of the decline accelerated.
With fifteen minutes left in the session, it appeared it was going to be a modest losing day, but a huge sell imbalance of $6.5B wrecked that. In the final minutes of the session, the index traded under 3600 for the first time since December 2020.
For the session, the index declined by 52.75 handles to close at 3601.75. That brings the loss for the week to 59.50 handles or 1.6%, 371.75 handles or 9.4% for the month. The quarter was as not blase due to the index coming off the June low, as it came in at 204.75 or 5.4%,
That brings the loss for the year for the rolling front month contract to 1167.25 handles or 24 percent.
The biggest winner in the index was the smallest loser which was Meta Platforms Inc. (NASDAQ: META). For the session, the issue declined by $0.73 or 0.54%.
That was almost a third of the cash index’s decline of 1.51%.
Apple Inc. (NASDAQ: AAPL) was slammed for the second day in a row and was the biggest loser of the top components. For the session, the issue declined by $4.28 or 3%. That brings the two day loss to $11.64 or 7.8%.
PreMarket Prep Stock Of The Day: Rent-A-Center (NASDAQ: RCII)
Yet another sign of a slowdown in consumer spending and the economy slipping into recession. Read more on RCII here.