Despite all of the top mega cap tech components of the S&P 500 in the red, the index was able to snap a three-day losing streak.
During premarket trading, the index breached last week’s low, but was on a strong rebound heading into the opening bell. The index cleared the premarket high by a nice margin, but could not hold onto the gains.
A lunchtime retreat had the index in the red, but found willing buyers well ahead of the premarket low and mounted another rebound. Until the final ten minutes, the end to the losing streak was in jeopardy, but a buying fury emerged.
As a result, the index added 10.25 handles at the closing price of 4444.25.
As investors’ focus turned to value stocks, Exxon Mobil (NYSE: XOM) was the biggest winner of the top components of the index. For the session, the issue added $1.54 or 1.49 % at the closing price of $104.69.
That was much better than the cash index’s gain of 0.24%.
Alphabet Inc. (NASDAQ: GOOG) took the brunt of the decline of mega cap tech and was the biggest loser of the top components. For the session, the issue declined $3.27 or 2.7% at the closing price of $116.87. The issue is now on a three-day losing streak.