After a day similar to what the markets had on Tuesday, the major worry is that there is going to be a two-day move and major follow-through to the downside. The negative news is that the S&P 500 index futures did breach Tuesday’s low and at one point appeared it was heading under 3800, but the bulls stepped up and made a stand. The positive news is the dip towards the morning low was bought on several occasions.
Interestingly, the low for the session was just above the mid-range of the recent rally (3639-3950) and was just above last Thursday’s close, which provided the foundation for the robust rally last week.
For the session, the index declined 4.25 handles to close at 3821.25.
Meta Platforms Inc. was the biggest gainer of the top components of the index. For the session, the issue gained $3.26 or 2 percent to close at $163.94.
That was much better than the cash index’s decline of 0.11 percent.
It was slick in the oil patch as Exxon Mobil went from nearly $2 in green to over $3 in the red. For the session, the issue declined by $3.38 or 3.7 percent to close at $88.12.
PreMarket Prep Plus Cover The Restaurant Sector
Nick Setyan, Managing Director at Wedbush Securities covering the restaurant sector, joined the broadcast. Read more on the coverage here.