The retreat from the recent highs for the move on Tuesday had some follow through in Wednesday’s session. The S&P 500 futures went red around 5:00 AM EST and drifted lower into the opening bell.
Sellers were aggressive off the opening of the regular session. They easily breached the premarket low and kept on going. The index went on to breach last week’s low (4120), but not by much, falling to 4114 before staging a rebound.
The index showed signs of both strength and weakness in the final hour before ending the session in the red by 32.75 handles at 4126.
It should be noted that a Q1 beat and raised guidance by one of the top components, Nvidia Corp (NASDAQ: NVDA), had the index going out at strong premium at the last after-hours print (4150.75 vs. 4126).
Amazon.com (NASDAQ: AMZN) benefitted from the retail buying frenzy in Wednesday’s session and was the biggest winner of the top components of the index. For the session, the issue added $1.76 or 1.53% at the closing price of $116.75.
That was over two percent better than the cash index’s decline of 0.79%.
Tesla Inc. (NASDAQ: TSLA) was the biggest loser of the top components of the index. For the session, the issue declined by $2.87 or 1.54%.