Some big down days feel worse than others and today was one of them. What made today’s decline more concerning is that for the most part, it was step-down sellers the entire session. Despite one tepid late morning rally, sellers ruled the day.
From a weekly perspective, the S&P 500 index futures are down for the week. Late in the session on Wednesday, the index was in the green for the week by over 70 handles and is now in the red for the week.
The index has now erased all of Tuesday’s mysterious gain as it ended the session lower by 95.50 handles at 4374.50.
For too many times over the last few weeks, the biggest gainer of the top components was the smallest loser. That being Johnson & Johnson (NYSE: JNJ), which only declined $1.02 or 0.61% to close at $166.19.
That was over three times better than the cash index’s decline of 2.12%.
One wouldn’t expect a company that posted a Q4 earnings beat to be the biggest loser of the top components, but it was. Nvidia Corp (NASDAQ: NVDA) swooned $20.04 or 7.6% to close at $245.07.
PreMarket Prep Stock Of The Day: Fastly, Inc. (NYSE: FSLY)
Another disaster in the growth technology sector. Read more about FSLY here.
