After barely ending a four-day losing streak on Tuesday, the S&P 500 index needed a catalyst(s) to keep the rally going. It was provided by investors’ reaction to FedEx’s mixed Q2 report and Nike Inc.’s (NYSE: NKE) flat-out Q2 beat.
The rally began off the opening of the premarket session on Tuesday and continued in a big way in the regular session. Once the index cleared the premarket high, the pace of the rally accelerated. The index was able to go well beyond Monday’s high (3899), but came shy of reaching Friday’s high of 3934.50.
The index appeared to lose some steam heading into the close but caught a bid in the last few minutes of the session. The end result was a healthy gain of 56.50 handles with a closing price of 3905.75.
Nvidia Corp (NASDAQ: NVDA) was the biggest winner of the top components of the index. For the session, the issue advanced by $4.16 or 2.59% with a closing price of $165.01.
Tesla Inc. (NASDAQ: TSLA) was the one and only loser of the top components and therefore the biggest. The issue, which has been lower in seven of the last eight sessions, declined by $0.23 or just a fraction with a closing price of $137.57.
PreMarket Prep Stock Of The Day: FedEx Corp (NYSE: FDX)
Surprisingly rewarded for mixed Q2 report and tepid guidance. Read more on FDX here.