The premarket session and the regular session were polar opposites. While investors in the premarket were mostly sellers, there was nothing but buyers once the index bottomed out just around 8:45 AM EST.
Once the index breached the premarket high, the pace of the rally greatly accelerated. It barely paused at yesterday’s high (former high of the move) and blew past last August’s high, soaring to 4485.50.
Profit-takers came in the final hour as the index backed off from its 14-month high, but still gained 52.75 handles at the closing price of 4471.25.
Among top components, Microsoft Corp. (NASDAQ: MSFT) was the biggest winner of the top components of the index. For the session, the issue gained $10.76 or 3.2% at the closing print of $348.10. Earlier in the session, the issue made a new all-time high by a small margin ($349.84 vs. $349.67), making the entire $350 level a key level moving forward.
That was well over double the cash index’s gain of 1.23%.
The biggest loser of the top components was Nvidia Corp (NASDAQ: NVDA). The issue snapped a three-day win streak by falling $3.44 or 1% at the closing price of $426.53.
