What started as a good day, turned into a bad day. The euphoria over the higher unemployment rate/jobs data lasted until Noon EST and the bottom fell out.
The combination of continued interest rate hikes and gas woes in Europe both contributed to the major reversal in the index. The good news is that the index did not breach Thursday’s low (3903.50), only reaching 3906, and was able to rebound into the final ten minutes
However, the index still ended the session in the red by 41 handles at 3927.75. That brings the loss for the week to 131.75 handles. That close marks the lowest level for the index since ended the July 128 session at 3833.75. The day following that close the index tacked on over 100 handles to close at 3937.50.
Only one issue of the top components was in the green and therefore, your biggest gainer, Exxon Mobil Inc. (NYSE: XOM). For the session, the issue gained $1.73 or 1.86% to close at $95.60.
That was nearly 3% better than the cash index’s decline of 1.07%.
Meta Platforms Inc. (NASDAQ: META), which had been holding up fairly well over the past few sessions succumbed to market forces and was the biggest loser of the top components. For the session, the issue declined by $5 or 3.04% to close at $160.32.
PreMarket Prep Stock Of The Day: Lululemon Athletica Inc. (NASDAQ: LULU)
“Sell the rip” following a Q2 beat and raised Q3 and full-year guidance. Read more on LULU here.