The premarket session and the regular session were polar opposites. The bears were in control of the S&P 500 index futures during the premarket and nudged the index to a new low for the recent decline by a wide margin.
However, when there was no follow through to the downside off the opening bell, the bulls went on the offensive. The rally was subdued until the Fed’s Bostic made some “dovish” comments around 1:30 PM EST. The index smashed through the premarket high and exceeded Tuesday high (3891), reaching 3995.25, but tailed off into the close.
The end result was a gain of 28.25 handles with a closing print of 3984.75.
Nvidia Corp (NASDAQ: NVDA) was the biggest winner of the top components of the index. For the session, the issue added $6.16 or 2.7% to close at $233.14.
That was just under 2% better than the cash index’s advance of 0.76%.
Investors were not impressed with Tesla Inc.’s (NASDAQ: TSLA) investor day presentation. As a result, it was the biggest loser of the top components of the index. For the session, the issue declined by $11.87 or 5.86% to close $190.90.