Following three down days in a row, which made five of six in total, the S&P 500 index futures did not rollover and die. Instead, the index had its best session since April 4.
Despite a disappointing Q1 report from JP Morgan & Chase Co. (NYSE: JPM) and continued rampant inflation data, investors once again found a silver lining to being aggressive buyers. That was a better than expected earnings report from Delta Airlines Inc. (NYSE: DAL), which had a ripple effect on all the components related to the “reopening trade.”
The choppy trading off the open was resolved to the upside around 11:30 AM EST and the pace of the rally accelerated. For the remainder of the session, the index floated higher but was unable to come near its previous day’s high (4466.75), only reaching 4449.50.
Sellers emerged heading into the close to trim some of the gains. However, it was a strong session to the upside with the index adding 49.25 handles to close at 4442.25.
Tesla Inc. (NASDAQ: TSLA) was the biggest winner of the top components of the index. For the session, the issue gained $35.42 or 3.6% to close at $1022.37.
That was triple the cash index’s gain of 1.12%.
JP Morgan & Chase Co. (NYSE: JPM) was by far the biggest loser of the top components of the index. The issue has breached its March low by falling $4.24 or 3.2% to close at $127.30.
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