After Friday’s strong and surprise move to the upside, the stage was set for follow-through in today’s session. However, after the close on Friday, Moody’s downgrade of the US credit rating set a negative tone for premarket trading that lingered into the regular session.
The index was able to rebound from a 20+ handle decline by the opening bell, but the bears were looking for more. During the first thirty minutes of the session, the index did breach the premarket low, but bulls came in and the index reversed course.
In fact, it was able to breach Friday’s high by a small margin but could not hold for the index to have its tenth winning day in the last twelve. Instead, the index had a modest decline of 5.25 handles at the closing price of 4425.25.
Amongst the top components of the index, Tesla Inc. (NASDAQ: TSLA) was the biggest winner. The issue had strong follow-through on Friday’s strong session, which was instigated by Ron Baron on CNBC detailing his bullish outlook. In addition, India announced that it is considering tax cuts for EV imports. For the session, the issue added $9.06 or 3.75% at the closing price of $223.71.
That performance was much better than the slight decline in the cash index of 0.08%.
Apple Inc. (NASDAQ: AAPL) made a rare appearance as the top loser of the major components. The issue, which had been higher in 10 of its last 11 sessions, was subject to some profit-taking. For the session, the issue declined by $1.60 or 0.86% at the closing price of $184.80.