The momentum from Friday’s price to the downside resulted in the index posting its second lowest close for the year. The lowest is its month-end close for September at 3601.25. Although the index did revisit that level intraday, it managed to rebound to close lower by 28 handles at 3625.25.
The rally from the premarket extended briefly into the regular session and was snuffed by hawkish comments from Fed heads. In addition, a call for another 20% decline from current levels from JP Morgan’s CEO Jamie Dimon gave the bears yet another chance to inflict more pain on the bulls.
Apple Inc. (NASDAQ: AAPL) was able to withstand the malaise in the tech stocks and was the biggest winner of the top components of the index. For the session, the issue advanced by $0.33 or 0.24% to close at $140.42.
That was a percent better than the cash index’s retreat of 0.77%.
Nvidia Corp (NASDAQ: NVDA) continued to freefall and was the biggest loser of the top components. For the session, the issue declined by $4.06 or 3.4% to close at $116.70. That marks the lowest close for the issue since mid-August 2020.