If you thought the S&P 500 index rally over 4100 last week off Jerome Powell’s supposedly dovish speech was ridiculous, you were correct. From the time of the start of Powell’s speech last week to Tuesday’s close, the index is basically flat.
Whereas the futures index was 3950 when his speech commenced, it reached 4110 last Wednesday. With today’s decline of 59 handles at a closing price of 3945, the index is right back where the ridiculous rally started.
During premarket trading, the index struggled to stay green and barely traded above the close early in the session. Once Monday’s low was breached, the pace of the decline accelerated.
On a positive note, the index was able to rally off the intraday low and close over 20 handles above it.
UnitedHealth Group Inc. (NYSE: UNH) was the biggest winner of the top components. For the session, the issue gained $4.28 or 0.08% to close at $539.32.
That was over 2% better than the cash index’s decline of 1.44%.
Nvidia Corp (NASDAQ: NVDA) was the biggest loser of the top components. For the session, the issue declined by $6.23 or 3.75% to close at $159.87.
PreMarket Prep Stock Of The Day: Lucid Group Inc. (NASDAQ: LCID)
The weak get weaker. Read more on LCID here.