The S&P 500 index is having streaks recently that do not last very long, especially to the upside. Over the last six sessions, the index has had two down days, followed by two up days, and now two more down days.
After a wide premarket range, the index attempted to rally into the 3800-handle, but more “hawkish” talk from the Fed heads ended the move higher. Once the index proved it did not want to hold the close around Noon EST, any and all rallies were short-lived.
There was selling pressure into the close as the index closed just off the low for the day by declining 37.25 handles to close at 3756.75.
After the close, Advanced Micro Devices (NYSE: AMD) lowered its Q3 guidance bringing more sellers to the beaten-down chip sector.
The only and therefore the biggest winner of the top components of the index was Exxon Mobil (NYSE: XOM). For the session, the issue advanced by $2.94 or 2.97% to close at $102.06.
That was nearly 4% better than the cash index’s decline of 0.98%.
Johnson & Johnson (NYSE: JNJ) was the biggest loser of the top components of the index. For the session, the issue declined by $3.20 or 1.94% to close at $161.91.
PreMarket Prep Stock Of The Day: McCormick & Co (NYSE: MKC)
Tried to rally off a poor report and failed. Hovering above the 30-month low. Read more on MKC here.