For the sixth day in a row, the S&P 500 index futures made a higher high, a higher low, and closed at a new all-time high.
It was more of a bumpy ride in Thursday’s session as the index bottomed in the premarket at 4650.75 which was just below Wednesday’s all-time closing high price of 4652.25. During the regular session, the index never went red as buyers stepped ahead of the close, making 4654.50 the intraday low.
Once the index cleared the premarket high (4663.50), it tacked on another 10+ handles before peaking at 4674.75 around 11:00 AM EST. Perhaps it was some rumblings about higher taxes for corporations and wealthy individuals that instigated a short-lived decline under 4660.
The index was stuck in the mid 4660 handle until the last ten minutes when a late-round of buyers nudged the index to a new all-time closing high by a wide margin. For the session, the index added 20.25 handles to end the day at 4672.50.
Nvidia Corp (NASDAQ: NVDA) was by far the biggest gainer of the top components. A price target increase by Wells Fargo to $320 propelled the issue to a new all-time high and all-time closing high. For the session, the issue added $32.03 or 12 percent to close at $298.01.
That was well above the cash index’s gain of .41 percent.
Leading the financials lower was top component JP Morgan & Chase Co. (NYSE: JPM). Apparently, the Federal Reserve Bank’s tone on Wednesday did not go well with owners of the banks and other financials.
For the session, the issue declined by $2.24 or 1.3% to close at $168.29.
PreMarket Prep Stock Of The Day: Penn National Gaming (NASDAQ: PENN)
After a mixed Q3 report with a miss for EPS and inline for revenues, the issue is now trading at its lowest level since November 2020. Also, a negative Business Insider article on Barstool Sports President, Dave Portnoy weighed on the issue as well. Read more on PENN here.