Following the geopolitical overhang with Russia regarding the invasion of Ukraine and the threat of an interbank rate hike, the S&P 500 index futures were set to tumble. Factor in the poor session to end the week, and Monday had all the makings for a rout.
Both in the premarket and intraday session, the index was deep in the red by over 50 handles. However, the index was able to overcome negative headlines on the Russian front and only posted a modest loss for the day, lower by 15.50 handles at 4394. That marks the first close in the 4300-handle since January 27, when the index posted its lowest close since early October.
Large-cap tech did its best to support the market. This was evidenced by the top six components of the index, all large-cap tech was in the green. The biggest gainer of all the top components was Tesla Inc. (NASDAQ: TSLA), which added $17.24 or 2% to close at $877.24.
That was much better than the cash index’s decline of 0.38%.
On the opposite end of the spectrum were value stocks with Berkshire Hathaway Class B (NYSE: BRK.B) posting the biggest decline of the top components. For the session, the issue declined 1.4% or $4.74 to close at $314.40.
PreMarket Prep Plus “Briefing with Brent.”
Brent Slave, head of Benzinga Pro Newsdesk discussed potential movers off geopolitical headlines. Read more here.