The inevitable breach of the early September low (3900) came early in the premarket session, thanks to lower guidance coming from FedEx (NYSE: FDX). What many consider a bellwether for the US economy, the warning instigated a broad-based decline that did not find a bottom until the index was in the red by nearly 70 handles.
The ole 10:00 AM turn trick saved the market as the market caught a bid following the release of the University of Michigan Consumer Sentiment Survey that came in unchanged. The low at 3853 nearly matched the index’s close on July 18 of 3851.50.
The remainder of the quadruple witch expiration was choppy and range bound between 3860 and 3880. However, in the final 15 minutes and despite a sizable sell imbalance the index rallied into the close.
For the session, the index declined by 29.25 to close at 3890 and for the week the index shed 195.50 handles. That was the worst week for the index since it established its low for the year during the week of the June quadruple witch expiration.
It should be noted that there were more bargain hunters in the after-hours session as the index’s last after-hours print was 12.50 handles higher at 3902.50.
Nvidia Corp (NASDAQ; NVDA), after a long hiatus, was the biggest winner of the top components of the index. After making a new 18-month low ($126.17), the issue rebounded to close in the green by $2.69 or 2.1%.
That was nearly 3% better than the cash index’s decline of 0.72%.
Meta Platforms Inc. (NASDAQ: META) was the biggest loser of the top components. The issue closed within $10 of its pandemic low ($137.10), as it ended the session in the red by $3.26 or 2.18% at $146.29.
PreMarket Prep Stock Of The Day: Amazon.com Inc. (NASDAQ: AMZN)
Takes a hit off the FedEx news, but rebounds strongly off the intraday low to trim the loss for the session. Read more on AMZN here.