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The numbers speak for themselves. For the session, the S&P 500 cash index was lower by 31.75 handles or 0.83 percent to close at 3789.50. For the month, the index was lower by 346.77 handles or 8.4 percent and for the quarter it swooned by 745.03 handles or 16.4 percent. For the year, the cash index is lower by 980.80 handles or 21 percent. Clearly, the “buy the dip” is not working.

After the premarket carnage, the only positive news is that the futures index settled pretty close to where it opened at 9:30 AM EST. The reason is that is when the big money comes into stocks and makes their stand, bullish or bearish.

The other positive is that the index did close comfortably above the intraday low, unlike Wednesday’s ugly session with selling pressure right until the closing bell. 

Johnson & Johnson (NYSE: JNJ) was the only winner of the top components of the index and therefore the biggest one. For the session, the issue added $0.52 or 0.29 percent to close at $177.51.

That was over one percent better than the cash index’s decline of 0.83 percent.

Nvidia Corp (NASDAQ: NVDA) reached its lowest level since May 2021 and was the biggest loser of the top components. For the session, the issue declined by $3.83 or 2.5 percent to close at $151.59.