After Thursday’s surprising late-day rally, the question remained would there be any follow-through. Only a couple of hours into premarket trading, investors found out the answer was “yes”.
Despite the 40-plus handle gains by the opening of the regular session, there were still some skeptics. As a result, there was a brief 20-handle decline off the opening bell. However, buyers came in just under the top of Thursday’s range (3961.75), when it found a hard bottom at 3959.50 and began to rip higher. Once the premarket high was breached, the pace of the rally accelerated.
Just after Noon EST, some profit-takers came in after the 181 handle rally off Thursday’s late-day low of 3855. The afternoon retreat found another contingent of buyers at mid-range on the session and another leg higher followed.
With today’s advance of 92.50 handles at the closing price of 4019.75, the loss for the week was trimmed just to 99.75 from last week’s close of 4119.50.
After a six-day losing streak, Nvidia Corp (NASDAQ: NVDA) roared back to be the biggest gainer of the top components. For the session, the issue gained $15.31 or 9.5 percent to close at $177.06.
That was nearly four times the cash index’s gain of 2.39 percent.
The only, and therefore the biggest, loser of the top components was Johnson & Johnson (NYSE; JNJ). For the session, the issue declined by $1.02 or 0.57 percent to close at $176.85.
PreMarket Prep Stock Of The Day: Affirm Holdings Inc. (NASDAQ: AFRM)
A solid Q3 report keeps the rebound intact off Thursday’s all-time low. Read more on AFRM here.