Despite the third regional bank failure since early March, the current rally in the S&P 500 index futures has not been derailed in a meaningful way.
There were some positives and negatives to the session. On the positive side, the index reached its highest level since February 9, when it snuck in the 4200 handle, peaking at 4206.25. The negative being, the index could not maintain that elevated level and ended up shedding 2.75 handles at the closing price of 4185.75.
Nvidia Corp (NASDAQ: NVDA) was the biggest winner of the top components of the index. On its seventh attempt, the issue finally took out sellers at the $280 area and then exploded to the upside. For the session, the issue added $11.61 or 4.2% at the closing price of $289.10. That marks the highest closing price for the issue since March 2022.
That was over four percent better than the cash index’s decline of 0.07%.
Amazon.com Inc. (NASDAQ: AMZN) continued its post earnings move lower and was the biggest loser of the top components of the index. For the session, the issue declined by $3.40 or 3.22 % at the closing price of $102.05.