Big moves are always followed by quiet periods. How long they will last is the question. Thursday’s price action indicates the bulls and the bears are confused.
The index could not breach Wednesday’s low, nor could it sniff the highest close for the move. For the session, the index added 9.75 handles to close at 4286.50. That marks the third highest close from the rebound off the June low.
Ahead of its Q2 earnings report next week, Nvidia Corp (NASDAQ: NVDA) was the biggest winner of the top components. For the session, the issue added $4.38 or 2.4% to close at $187.73.
That far exceeded the cash index’s gain of 0.23%.
The current rotation in the markets is not favorable to Johnson & Johnson (NYSE: JNJ) as it was the biggest loser of the top components of the index. For the session, the issue declined by $0.81 or 0.48% to close at $166.77.