On one hand, it was a bad day with the S&P 500 index futures falling 45.50 handles with a closing price of 3829. On the other hand, the index is still holding above the lower end of its 12-day trading range as detailed in Wednesday’s wrap-up.
Of course, if the December jobs number comes in hot, which it may be, following today’s jobless claims that fell to 3 1/2-month low of 204,000, the index could take a tumble.
Mega-cap technology stocks continue to be a huge drag on the index as all of the those components were down between 0.93% and 3.25%.
In addition, some of the value trade is succumbing to selling pressure as UnitedHealth Group (NYSE: UNH) was pounded for the third consecutive day. For the session, it swooned $14.54 or 2.88% to close at $489.96. That brings the three day decline to $40.22 or 7.59%.
Exxon Mobil (NYSE: XOM) was the one and only winner of the top components of the index. For the session, the issue advance by $2.37 or or 2.23% to close at $109.19.
That was over 3% better than the cash index’s decline of 1.17%.
Nvidia Corp (NASDAQ: NVDA) edged out Microsoft Corp (NASDAQ: MSFT) to be the biggest loser of the top components. For the session, the issue declined by $4.84 or 3.30% to close at $142.65.