Until the final fifteen minutes of the session, the S&P 500 was poised to have its first five-day losing streak since its one in June. Of course, that made for a major bottom in the index.
There was no specific catalyst for the 60-plus handle rally off that low, except that the index was in a deeply oversold state. Of course, fund managers did have some cash to put to work as new funds came in to start the month.
After being in the red by over 50 handles, the index finished in the green by 12.25 at 3968.75.
Usually mild-mannered Johnson & Johnson (NYSE: JNJ) was the biggest gainer of the top components of the index. The catalyst is a New Hampshire Attorney General’s Office announcement of a $40.5 million settlement with Johnson & Johnson over opioid claims. For the session, the issue advanced by $4 or 2.48 % to close at $165.34
That was 2% better than the cash index’s gain of 0.30%
For the second day in a row, Nvidia Corp (NASDAQ: NVDA) was the biggest loser of the top components of the index. The issue is now on a five-day losing streak after declining by $11.57 or 7.67% to close at $139.37.
PreMarket Prep Stock Talks Winning And Losing Streaks
Streaks are made to be broken. Read more about what comes next here.