After a pause in the upside action on Monday, the S&P 500 picked up where it left off on Friday and sprinted to a new all-time closing high. During the premarket session, the index found support ahead of Monday’s low (4667) at 4670.75 and was trading flat on the day heading into the open.
The index bottomed off the open, three ticks off the first print at 4675.50 and quickly surpassed the close (4679) and kept ongoing. Once the index breached the premarket (4687), it paused at Monday’s high (4697.50) and finally found sellers just above last week’s high (4707) at 4709.75 and reversed course.
The retreat off the high was slow and steady and continued into the final hour. The selling intensified in the final few minutes to put a new closing high in jeopardy. However, the index bounced back at the last minute to add 17.25 handles to close at 4696.25.
Making its first appearance as the biggest gain of the top components is Home Depot (NYSE: HD). Following a strong Q3 report, the issue surged $21.25 or 5.7% to close at $392.33. That was well above its former all-time high of $375.15.
That was nearly 15 times greater than the cash index’s advance of 0.39%.
Meta Platforms Inc. (NASDAQ: FB) took a breather from its two-day $17 bump to be the biggest loser of the top components. For the session, the issue declined $4.60 or 1.32% to close at $342.96.
PreMarket Prep Stock Of The Day: Walmart Inc. (NYSE: WMT)
After a major rally over the past month, a Q3 beat and raised guidance were not good enough. Read more about WMT here.