After two expanded range days to the upside, the S&P 500 index moved in the same direction, but not with the same vigor. After the gains from the premarket eroded, the index did go red by over 10 handles, when it bottomed at 4671.75 mid-morning and began to work its way higher.
Heading into the final hour, with the index straddling the 4690 area, the pace of the rally accelerated, but not nearly in the same fashion as in the two previous sessions. The late-day rally came up well shy of the premarket high (4712), only reaching 4703.25. However, it was unable to post a new all-time closing high (4701.50), ending the session higher by 14.25 handles at 4699.25.
Metaverse Platforms Inc. (NASDAQ: FB) was the biggest gainer of the top components. It was higher for the third day in a row adding $7.75 or 2.4% to close at $330.56.
That exceeded the cash index’s gain of 0.31%
Nvidia Corp (NASDAQ: NVDA), which has a penchant for being the biggest gainer of the biggest loser of the top components, ends up being the biggest loser. For the session, the issue declined by $6.01 or 1.86% to close at $318.26.
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