The S&P 500 index futures move in streaks. Unfortunately, with today’s decline, the index was unable to have back to back winning days to end the week. Since its four day win streak in late March, the index has not had a two day winning streak over the past twelve sessions.
After a choppy premarket session, the index embarked on a rally that came to an abrupt end right at the premarket high. Buyers attempted to support the index but were overwhelmed by sellers in the final two hours. From its 2:15 PM EST close, the index shed nearly 40 handles.
The only slight positive for the session is that the index did not make a new low for the week. However, if the index had stayed open any longer, it very well could have. The index posted its lowest close for the week and its lowest close since March 16 by declining 54.75 handles to close at 4387.50.
The best performer of the top components of the index was the smallest loser. That was UnitedHealth Group Inc. (NYSE: UNH), which declined by $2.18 or 0.41% to close at $534.82.
That was much better than the cash index’s decline of 1.23%.
The worst performer of the top components for an astounding seventh time in the last eight sessions was Nvidia Corp (NASDAQ: NVDA). For the session, the issue declined by $9.45 or 4.3 percent to close at $212.58.
PreMarket Prep Plus: International Business Machines Corp (NYSE: IBM)
Morgan Stanley gives the company its first equivalent of a “buy” rating in nearly two years. Read more on IBM here.