The S&P 500 index survived back to back down opens, but not the third one. Off the open, the index was able to green for the session, but struggled to hold the close for the early part of the session.
Then came the Fed release of the minutes from the July meeting and that tapering could be appropriate for 2021. The announcement instigated volatile price action, but most of the damage was done in the final hour of the session. During that hour the index shed 40 handles and the bashing has continued in the after-hours session.
All but one of the top components of the index were in the red, with Tesla Inc. (NASDAQ: TSLA) being the lone bright spot. The issue rebounded from its three day $67 slide and added $33.38 to close at $688.99.
The top component in the index, Apple Inc. (NASDAQ: AAPL), more than doubled the 1 percent loss in the index. After bringing in the momentum longs over $150, the issue was lower by $3.83 or 2.62 percent at $146.36.
The S&P 500 index continued to tumble in the after-hours session with its last print being 55 handles lower at 4388.60.
PreMarket Prep Stock Of The Day: Regeneron Pharmaceuticals (NASDAQ: REGN)
It was a “sell the news” session for the pharmaceutical giant after the release of the large increase in shipments of its antibody treatment for the Covid-19 virus.
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