With several of the mega cap technology components of the index in the red for the session, the bears made several attempts to win the day. Following a better-than-expected Q2 GDP reading, the index rallied to nearly a 20-handle gain.
However, trepidation over elevated interest rates based on the current data attracted sellers. As a result, the index gave back all of its premarket gains and started the session in the red. The bears were pressing for Wednesday’s low (4399.25), but buyers came in well ahead at 4409.75 and the rally was on.
Up until there was ten minutes left, it appeared that the index would only post a minor gain, but then the late money came in on the long side. As a result, the index added 18.25 handles at the closing price of 4435.75.
Whether or not the rebound will continue may very well be determined by the results of the Core PCE Price Index for May, which will provide more insight on Fed’s battle against inflation.
Among the top components, Exxon Mobil (NYSE: XOM) was the biggest gainer. For the session, the issue added $1.31 or 1.23% at the closing price of $106.71.
That was over double the cash index’s gain of 0.41%.
Meta Platforms Inc. (NASDAQ: META) was the biggest loser of the top components. The issue was lower for the second day in a row, by declining $3.76 or 1.32%.