Once again, investors were enticed into thinking that there could be a quick resolution to the war in Ukraine, and the timing made fools out of almost everyone.
Following a volatile premarket session in the S&P 500 futures index that breached last week’s low, the index was on the comeback trail. Around 7:45 AM, news hit the tape of renewed negotiations between the two countries. That euphoria lasted only a few minutes into the opening bell of the regular session, when reality set in, there was not going to be a deal today, or anytime soon.
It was a day of the constant stream of step-down sellers as the S&P 500 futures index did not have one green hourly candle the entire session. The carnage did not end until the closing bell as the index swooned 128.75 handles to close at 4198.50. The selling barrage continued in the after-hours as the last after-hours print was another 13 handles lower at 4186.
The one and only winner of the top components of the index was Johnson & Johnson (NYSE: JNJ) which added $2.73 or 1.6% to close at $172.21.
That was over 4% better than the 2.98% decline in the cash index.
Nvidia Corp (NASDAQ: NVDA) was the biggest loser of the top components. The issue declined $15.84 or 6.9% to close at $213.52.
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