The whole world, including Wall Street, was leaning the wrong way into Tuesday’s report on August CPI. For many, the only question was how much it was going to decline instead of how much it would exceed the estimate.
To make matters worse, on top of the four-day rally, the premarket traders boosted the index to nearly the same level that it was at before the “Powell Pain” speech. As a result, sellers feasted on the index all day long until the final 15 minutes of the session.
Once again, the bears asserted firm control of the index as the futures declined an astounding 179.50 handles to close at 3931.25. The decline eclipsed the one on “Powell Pain” day which was only 141.50 handles.
The biggest gainer of the top components was the smallest loser, Exxon Mobil (NYSE: XOM). For the session, the issue declined by $2.36 or 2.40% to close at $95.21.
That was much better than the cash index’s decline of 4.37%.
Meta Platforms Inc. (NASDAQ: META) was the biggest loser of the top components by over 2%. For the session, the issue swooned by $15.80 or 9.34% to close at $153.07. That marks the lowest level for the issue since April 2020.
PreMarket Prep Stock Of The Day: Oracle Corp. (NYSE: ORCL)
Makes a new high for the rebound and Q1 miss and then succumbs to market forces. Read more on ORCL here.