Following Friday’s weak close and carryover into the premarket, the S&P 500 index futures were poised for a really bad day. And at a few different times during the session, it appeared that the index was going to crack.
Even as late as five minutes to go in the session, the index was hovering at the intraday low and with a closing imbalance to the sell side, it mysteriously raced higher. From being over 20 handles in the red with five minutes to close, the index closed in the red by less than a handle at 4386.75.
After the close, some dovish statements from usually wishy-washy St. Louis Fed President James Bullard regarding inflation instigated another leg higher in the after-hours. Providing the gains hold up overnight, it will have a bullish impact on equities in the morning.
Finally, Nvidia Corp (NASDAQ: NVDA) has returned to being the biggest winner of the top component after a long hiatus. For the session, the issue added $5.25 or 2.5 percent to close at $217.83.
That was much better than the cash index which posted a decline of 0.02 percent.
Profit-taking in Johnson & Johnson (NYSE: JNJ) ahead of its Q1 report caused it to be the biggest loser of the top components of the index. For the session, the issue declined $2.24 or 1.25 percent to close at $177.66.
PreMarket Prep Stock Of The Day: Bank Of America (NYSE: BAC)
Makes a new low for the move, then reverses and closes in the green following a Q1 beat. Read more on BAC here.