The week started with a sharp decline and a rebound, got a whole lot better on Tuesday and Wednesday, and faltered on Thursday. On Friday it appeared on a few different occasions that the S&P 500 index futures were destined to test Monday’s low, but the “buy the dip” crowd prevailed once again.
So the song remains the same as the index ended the week with a solid rebound off the intraday low. That helped trim the loss for the week to just over 10 handles as the index added six handles for the session to close at 2.75 handles to close at 4654.75.
Along with a new high for the move in Crude Oil that boosted the energy sector, big tech caught a bid and recouped some of Thursday’s losses. Perhaps that resulted from the exodus of issues in the financial sector that were dragged down by poor price action in JP Morgan Chase & Co. (NYSE: JPM), following a mixed Q4 report.
Microsoft Corp (NASDAQ: MSFT) was the biggest gainer of the top components for the first time in a long time. The issue put in a double bottom off the open and added $5.40 or 1.8% to close at $310.20.
That was much better than the cash index’s gain of 0.08%.
JP Morgan Chase & Co. (NYSE: JPM) was punished for its sales miss and was the biggest loser of components by a wide margin. For the session, the issue declined by $10.25 or 6.1% to close at $157.89.
PreMarket Prep Stock Of The Day: Nutanix Inc. (NASDAQ: NTNX)
Sean Udall, CIO of Quantum Trading Strategies shared one of his picks if the tech growth sector begins to rebound. Read more about NTNX here.