As expected, there was a follow-through in Thursday’s session to Wednesday’s thunderous decline. The extended retreat that began in the premarket continued into the regular session.
Although the S&P 500 index futures entered an area with limited daily support, it was able to find buyers just under the 50% retracement of the recent rally (3715) at 3704.25. The rebound, which started around 10:30 AM EST, was a choppy one. The index made several attempts to reach the bottom of Wednesday’s range but failed every time.
Heading into the final hours, with mega-cap tech weighing heavily on the index, sellers became more aggressive and buyers went on strike. As a result, the index declined by 41 handles to close at 3727.75.
Nvidia Corp (NASDAQ: NVDA) was the biggest winner of the top components of the index. The issue ended a three-day losing streak by advancing by $2.02 or 1.5%.
That was nearly 3% better than the cash index’s decline of 1.09%.
Apple Inc. (NASDAQ: AAPL), which fell victim to negative comments regarding waning chip demand for cell phones, was the biggest loser of the top components. For the session, the issue declined by $6.15 to close at $138.88.
PreMarket Prep Stock Of The Day: Qualcomm Inc. (NASDAQ: QCOM)
Lower Q1 guidance prevails over inline Q4 report. Read more on QCOM here.