The net change on the day for the S&P 500 index futures, a 19.75-handle gain at 3835.25, does not reflect the kind of day it really was. To begin with, the positive momentum from premarket trading had the index higher by over 50 handles when it peaked around Noon EST at 3867. Then the index got CRYPTOED.
The index was hovering near the high of the day when investors were besieged with another “tape bomb.” That being FTX.com while facing massive withdrawals, had to take a lifeline from its main competitor, Binance.
The exodus out of Bitcoin and related instruments took the stock market down with it. However, the index found buyers just under 3800 and staged a significant rebound that faded into the close.
Nvidia Corp. (NASDAQ: NVDA) was the biggest winner of the top components of the index. It was higher for the fourth consecutive day by gaining $3.01 or 2.1% to close at $146.02.
That was almost four times better than the cash index’s advance of 0.56%.
Tesla Inc. (NASDAQ: TSLA) was the biggest loser of the top components of the index. The issue, which has been lower in six of the last eight sessions declined by $5.78 or 2.9% to close at $191.30.