For the fifth time in the last six sessions, the S&P 500 index made a higher low and for the third time in the last four sessions, made a new all-time high and all-time closing-high.
The index traded slightly in the red for most of the premarket session, but caught a bid when the benign Consumer Price Index was released at 8:30 AM EST. Thus, the “transitory” inflation forecast from the Fed is being reflected in some of the actual data.
The index drifted lower for most of the morning and into early afternoon, but could go no lower than Tuesday’s closing price (4330). That was nearly 10 handles off the premarket low (4420.75).
Once again, the financials led the way on the upside as Goldman Sachs (NYSE: GS) made a new all-time high and closing high for the fourth day in a row. Morgan Stanley (NYSE: MS) replicated that feat for the sixth day in a row.
Also, technology was a drag on the index as investors still are digesting their recent earnings beats. Chances of a sharp rebound rally in Amazon.com (NASDAQ: AMZN) following its post-earnings beatdown were diminished as the issue made a new low for recent retreat. While the index was higher by 10 handles to end the day at 4400 or +0.25%, Amazon was lower by 0.87%, finishing lower on the session by $28.57 at $292.11.
PreMarket Prep Stock Of The Day: Apple Inc. (NASDAQ: AAPL)
Ten day $3 range for Apple ($144,18-$148.05) following its Q3 beat.
More on Apple Inc. https://tinyurl.com/ay68c2am