The market wanted you to think it was going to pivot on its outlook for interest rate hikes. The S&P 500 index futures made many investors think the somewhat benign initial commentary was a confirmation of a Fed pivot. However, Jerome Powell set the record straight and the markets followed through to the downside.
As a result, the index has erased the gains over the last nine sessions in less than two hours. Just before the nine-day ascent, the index closed at 3764 on October 24. After climbing into the 3900 handle for the fourth day in a row, the index cratered to close lower by 97.25 handles at 3768.75.
The biggest winner of the top components of the index was the smallest loser, which was UnitedHealth Group Inc. (NYSE: UNH). For the session, the issue declined by $3.88 or 0.71% to close at $543.33.
That was just under 2% better than the cash index’s decline of 2.5%.
Tesla Inc. (NASDAQ: TSLA) was the biggest drag on the top components of the index. For the session, the issue declined by $12.84 or 5.6% to close at $214.98.
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