Friday’s choppy session was resolved to the downside late in the day. The premarket trading confirmed the weakness and the regular session was the nail in the coffin.
Heading into the open, the low from last week was providing temporary support to the S&P 500 index futures. However, that level was breached early on and the weak attempts to reclaim it all failed. Then around 10:30 AM. bulls were unable to sustain that level for good and the pace of the decline accelerated.
The only daily support level that came into play was the index’s March 21 low (4415) and it sliced right through on its first attempt with ease. Buyers stepped in just ahead of the psychological support level only (4400), with the low being 4403.50. There was a slight rebound in the last few minutes to trim the losses to 74.50 handles to close at 4409.
The biggest winner of the top components of the index was the smallest loser, Berkshire Hathaway Class B (NYSE: BRK.B). The issue snapped a three-day winning streak by declining $1.08 or 0.31% to close at $352.02.
That was better than the cash index’s decline of 1.66%.
For the fifth day in a row, Nvidia Corp (NASDAQ: NVDA) was the biggest loser of the top components. It has been lower in its last five sessions and eight of its last nine. For the session, it declined by $12.02 or 5.2% to close at $231.19.
PreMarket Prep Stock Of Day: AT&T (NYSE: T)
A strong day in a weak tape following the spin-off of Warner Bros. Discovery Inc. (NASDAQ: WB). Read more on T here.
