Early in the session, the S&P 500 index indicated it was primed for a two-day power move to the upside, but was turned back. The economic data released at 10:00 AM gave some fodder to the bears and they took advantage of it.
The swift 50-plus handle decline off the new high for the move (4110) found buyers just above the former high of the move and rebounded. The rebound off that low did its best to give investors a new closing high for the move, and a wave of sellers in the final minutes almost prevented that from happening.
For the session, the index increased by only half a handle to close at 4081.75, making it the highest close for the recent rally.
Nvidia Corp (NASDAQ: NVDA) was the biggest winner of the top components for the second day in a row. For the session, the issue gained $2.12 or 1.25% to close at $171.35.
That was much better than the cash index which was virtually flat.
UnitedHealth Group Inc. (NYSE: UNH) was the biggest loser of the top components in a “risk on” type of day. For the session, the issue declined by $10.85 or 1.98% to close at $536.91.
PreMarket Prep Stock Of The Day: Snowflake Inc. (NYSE: SNOW)
“Buy the dip” works again in the overpriced growth technology company after Q3 beat but not impressive guidance. Read more on SNOW here.