Following eight days of consolidation, for now the resolution has come to the upside. After a better-than-expected Consumer Price Index reading, the bulls resumed full control of the index.
Aggressive bulls were already leaning towards a benign number as the index shrugged off some premarket weakness and was in the green into the release. There was no hesitation by the bulls as the index has one of its most explosive moves to the upside in months. Within six minutes of the announcement, the index leaped over 60 handles (4136.25 to 4199). The bulk of the move came in the first minute (4136.25-4192).
After choppy midday trading, in the early minutes of the final hour, the index proved it could stay above 4200 and pushed higher into the close. As a result, the index gained 85.50 handles to close at 4210.00. That marks the first close above 4200 since May 4.
Meta Platforms, Inc. (NASDAQ: META) was the biggest winner of the top components of the index. For the session, the issue advanced by $9.81 or 5.82% to close at $178.34.
As a result of this being a risk-on-day, UnitedHealth Group Inc. (NYSE: UNH) was the biggest loser of top components of the index despite posting a gain. For the session, the issue added $0.46 or 0.09% to close at $537.72.
PreMarket Prep Stock Of The Day: S&P Select Financial SPDR Fund (ARCA: XLF)
Greg Hamon, the founder of Dragonfly Capital Management, discussed the potential upside in the lagging financial sector. Read more on XLF here.
