What was looking to be a great day in the S&P 500 index, turned out just to be a good day. The index had no problem adding on to its premarket gains and seemed destined to reach 4600, but sellers stepped in at 4590 and put an end to that notion.
The swift retreat from the fresh all-time high found support in the same area as the premarket low (4561.50 vs. 4560.75) and staged a rebound. Heading into the final fifteen minutes, the index was approaching 4580, until sellers showed up en masse.
In nearly a straight-down fashion, the index sank to end the session higher by 7.5 handles to post a new all-time closing high at 4565.50. That makes four new all-time closing highs in four of the last five sessions and new intraday all-time highs for the fourth day in a row.
By far, the leader of the top components of the index was Nvidia Corp (NASDAQ: NVDA). In a gap and go scenario, the issue opened sharply higher ($239.89 vs. $231.66), it had a brief retreat to $239.24 and never looked back. For the session, the issue added $15.51 or 6.7% to close at $247.17. That dwarfed the cash index’s gain of 0.18%.
Leaving the index on the downside was Facebook Inc. (NASDAQ: FB), which did a faceplant after its mixed Q3 report. For the session, the issue declined $12.88 or .91% to close at $315.81.
PreMarket Prep Stock Of The Day: PayPal Holdings Inc. (NASDAQ: PYPL)
Deal or no deal with Pinterest (NYSE: PINS), the issue has fallen out of favor with Wall Street. Read more about PYPL here.