While the bulls made a successful defense of last week’s low yesterday, today was not the same case. While the index spent most of the after-hours/premarket trading in the green, the index went in the red for good around 9 AM EST following stronger-than-expected Redbook retail sales. That was around the same time, Canada announced higher-than-expected inflation readings for August, heightening fears of higher rates for a longer period of time to battle inflation.
On a positive note, the index found support around 1 PM EST, which coincided with its August 28 low (4462.25 vs. 4464) and staged a strong rebound.
With the nearly 30-handle rebound, the index trimmed its losses to 11.50 handles, compared to a nearly 40-handle loss at the low, ending the session at 4490.
Among the top components, Meta Platforms Inc. (NASDAQ: META) was the biggest winner. The catalyst for the rally is the threat from Elon Musk to make X a subscription platform. For the session, the issued added $2.52 or 0.8% at the closing price of $305.07
That was just over one percent better than the cash index’s decline of 0.21%.
On the downside, Amazon.com (NASDAQ: AMZN) was the biggest loser. Investors reacted negatively to the announcement of plans to hire 250,000 employees throughout the U.S. in full-time, seasonal, and part-time roles across its operations network. For the session, the issue declined $2.35 or 1.7% at the close price of $137.53.