The S&P 500 index futures matched its longest losing streak for the year at four days and came within a few handles of the low for the year.
There was a glimmer of hope from the premarket trading, that the index was going to be able to shrug off the major geopolitical concerns instigated by Russia’s war-mongering tactics. The index made several attempts off the open to stay afloat but was overwhelmed with sellers just thirty minutes into the session. Once the premarket low was breached, the pace of the decline accelerated.
The index went on to breach Tuesday’s low (4250) and cascaded to 4216.25 in the final few minutes of the session. For the session, the index posted its lowest close for the year by a wide margin, declining 78 handles to close at 4222.
There was only one winner of the top components, making it the biggest winner, and it was tiny. Johnson & Johnson (NYSE: JNJ) ended a four-day skid adding eight pennies to close at $161.22.
That was much better than the cash index’s decline of 1.81%.
Tesla Inc. (NASDAQ: TSLA) was the biggest loser of the top components for the second day in a row, The issue closed at its lowest level since September swooning $57.49 or 7% to close at $764.04.
Wednesday’s With Wedbush: Peter Winter, Regional Bank Analyst At Wedbush Securities
Peter joined the broadcast for the second time to follow up on issues in his area of coverage in the regional bank space. Read more about Peter’s take on interest rates.