The S&P 500 index futures tend to move in streaks and it is not in a good one. For the fifth time in the last six sessions, the index has closed in the red. However, of the five declines, today’s was by far the smallest. For the session, the index declined by only 3 handles to close at 3927.25. However, the after-hours close was 17.50 handles lower at 3910.
The question remains whether or not the capitulation in mega-cap tech is over. Apple Inc. (NASDAQ: AAPL) and Microsoft Corp (NASDAQ: MSFT) have been demolished over the past few sessions and if there is more to come in these issues on the downside, then we have not found a short or long-term bottom.
However, if they can at least stop going down and or stabilize, then the other top components of the index can do the heavy lifting.
Amazon.com Inc. (NASDAQ: AMZN) was the biggest gainer of the top components of the index. After reaching its lowest level since April 2020, it rebounded to close higher by $31.17 or 1.5 percent at $2138.61 to end a five-day skid.
Nvidia Corp (NASDAQ: NVDA) was the biggest loser of the top components of the index. The losing streak was extended to six sessions by declining $4.55 or 2.7 percent to close at $161.75.
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