Investors were prepared for a two day move to the upside following Friday’s strong performance. The S&P 500 index went according to script until lunchtime, when it peaked over 150 handles above Friday’s low.
Of course, it was some hawkish Fed speak that derailed the rally. That, coupled with short-term bulls ready to exit on any weakness, instigated an ugly end to the session. In addition, the bears, who took it on the chin on Friday, took advantage of the barrage of sellers, knocking out bids and front running large offers in a declining market.
At one point, the index was higher by 60 handles, but finished in red by 1.75 handles with a closing price of 3913.75.
After a long hiatus, Nvidia Corp (NASDAQ: NVDA) was the biggest winner of the top components of the index. For the session, the issue gained $7.69 or 5.18% to close at $156.28.
That was much better than the cash index, which was slightly in the red for the session.
The usually mild-mannered Johnson & Johnson (NYSE: JNJ) was the biggest loser of the top components of the index. For the session, the issue declined $4.67 or 2.59% to close at $175.58.
PreMarket Prep Stock Of The Day: Macy’s Inc. (NYSE: M)
Breakout turns into fake-out following lower guide for Q4 sales and EPS. Read more on M here.
