Early in the week, based on the possible de-escalation of the war in Ukraine, revisiting all-time highs was a topic of discussion. After a weak end to the quarter on Thursday and a choppy session on Friday, that is not going to be such an easy task.
While the premarket session showed promise of a rebound, the muted response from the favorable jobs number was a precursor of things to come until just after lunchtime. In fact, the index sliced through Thursday’s low and actually made a new low for the week. Whereas Monday’s low was 4509.75, the index bottomed in Friday’s session at 4501.25 and mounted a solid rebound into the close.
For the session, the index was higher by 8.50 handles at 4539.25, which happened to be slightly above the close from last Friday. While the week started on a positive note, it ended much closer to the low than the high.
Meta Platforms Inc. (NASDAQ: FB) was the biggest gainer of the top components of the index. For the session, the issue gained $2.49 or 1.1% to close at $224.85.
That was over three times better than the cash index’s gain of 0.34%.
Nvidia Corp (NASDAQ: NVDA) was the biggest loser of the top components of the index. The issue was lower for the third day in a row declining by $5.74 or 2.1%.