The higher than expected Consumer Price Index data revealed at 8:30 AM EST gave a jolt to the S&P 500 index futures. However, in its normal fashion, the index came roaring back from being red by nearly 60 handles to green by six handles. Also, it came within shouting distance of the premarket high, which was under Wednesday’s high.
The index had already retreated from its high when St. Louis Federal Reserve President, James Bullard, dropped a bomb on the markets. That is, calling the need for an inter-meeting rate hike by 0.50 basis points and tacking on another 0.50 basis points by July.
If there is a silver lining to Thursday’s price action, it is that the index did not breach the low for the week from Wednesday (4456.25), only reaching 4476. Also, the index did rally in the last few minutes of the session to a decline of 80.25 to 4497.50. That keeps the index barely in green for the now with last Friday’s closing price being 4492.50.
The biggest winner of the top components of the index was the smallest loser. That being JP Morgan Chase & Co (NYSE: JPM), which declined $0.65 or 0.42% to close at $155.95.
That was much better than the cash index’s decline of 1.81%.
Nvidia Corp (NASDAQ: NVDA) reversed its role from the biggest winner of the top components of the index to be the biggest loser. For the session, the issue declined $8.75 or 3.3% to close $258.39.