When the hotter than expected Consumer Price Index data was revealed at 8:30 AM EST, the S&P 500 index futures were at 4348.50. After coming very close to Tuesday’s low (4317.25 vs. 4318.75), the index staged a rally that came up one tick shy of Tuesday’s high (4364.75 vs, 4365). As opposed to the last few sessions, where the index tailed off into the close, it mounted a rally and closed in the upper portion of the daily range.
The index was able to snap a three-day losing streak, ending the session higher by 14 handles at 4354.75.
Thus, the index had an inside day, with nearly matching ranges. What does that indicate for determining the next move in the index? Not much.
On a positive note, the bears cannot break the index and test the quad of lows at the 4265 area. On a negative note, the index put in place its fourth lower high in a row, with two of them at matching levels (4407 area and 4365 area). More importantly, the Street did not treat JP Morgan Chase & Co (NYSE: JPM) and Delta Airlines (NYSE: DAL) well after the banks mixed report and the airlines beat on both ends.
There was a new leader of the top components of the index in Wednesday’s session. That being Nvidia Corp (NASDAQ: NVDA). The issue gained $2.68 or .13% to close at $206.71. That was over double the cash index’s gain of .3%.
JP Morgan & Chase Co. was by far the leader on the downside of the top components as the Street focused on the revenue miss as opposed to the EPS gain. For the day, it declined $4.36 or 2.63% to close at $161.
PreMarket Prep Stock Of The Day: JP Morgan Chase & Co. (NYSE: JPM)
Nothing but sellers after a big run-up into the report and delivering a mixed one. More on JP Morgan Chase & Co.