The retreat that began in the premarket session was a precursor of things to come in the regular session. After a strong close on Thursday, investors turned cautious in the overnight session ahead of key inflation data this morning. As it turns out, the caution was warranted as recent data suggests the Federal Reserve has some more work to do to bring inflation down.
The good news is that the follow-through to the downside off the opening did find support and managed to rebound into the close. However, even with the 30-handle rebound, the index still declined by 43 handles with a closing print of 3975.75. That brings the damage to the week to 111.75 handles. Also, it was the index’s lowest closing price since January 19 (3915.50).
The one and only, therefore, the biggest winner of the top components of the index was Berkshire Hathaway Class ‘B’. For the session, the issue added $0.83 or 0.27% to close at $303.90.
That was over 1% better than the cash index’s decline of 1.07%.
Tesla Inc. (NASDAQ: TSLA), continues its up one day and down the next day pattern for the sixth day in a row. For the session, the issue declined by $5.19 or 2.6%.