Monday had all the makings for a really bad day and it turned out to be just a bad day. Following Friday’s sharp decline and the follow-through in the premarket session, the index seemed destined to breach 4000 for the first time since July 28.
The bears pressed for a new low off the opening and once again just after 11:00 AM EST. However, the index bottomed 10 handles off the premarket low and managed to actually go green heading into the final two hours of the session.
However, the buying dried up and the index drifted lower for the remainder of the session with most of the damage coming in the last fifteen minutes.
For the session, the index declined by 28.25 handles to close at 4031.25. That puts the index in the red for the month by 100 handles after being higher by nearly 200 handles earlier in the month.
The explosive rally in Crude Oil made Exxon Mobil (NYSE: XOM), the biggest gainer of the top components of the index. For the session, the issue gained $2.25 or 2.31% to close at $100.12.
That was 3% better than the cash index’s decline of 0.67%.
Nvidia Corp (NASDAQ: NVDA) led the tech wreck and was the biggest loser of the top components by a wide margin. For the session, the issue declined by $4.59 or 2.8%. That brings its two-day decline to $21.12 or 11.8%.
PreMarket Prep Stock Of The Day: Ark Innovation ETF (ARCX: ARKK)
The recent leader on the way up and back down revisits the former support area and attempts to rebound. Read more on ARKK here.