For those who were surprised to witness the S&P 500 index futures rip higher following the release of the March CPI data, all you had to be was patient. Eventually, investors realized that although the figure was in-line, it is alarmingly high.
After an extremely choppy morning and early afternoon session, the bulls did not lose control until roughly 1:30 PM EST. Once the index was unable to remain in the 4530 handle, the pace of the decline accelerated.
The index went to breach the premarket low, but found buyers just ahead of its March 18 low (4364.25), only reaching 4375.50 and rebounded into the close to trim the loss. For the session, the index declined 16 handles to close at 4393. That extends the losing streak to three sessions along with being in the red in five of the last six sessions.
Tesla Inc. (NASDAQ: TSLA) was the biggest gainer of the top components of the index. For the session, the issue added $11.02 or 1.1% to close at $986.95.
The was over a percentage point better than the cash index’s decline of 0.36%.
For the sixth day in a row, Nvidia Corp (NASDAQ: NVDA) was the biggest loser of the top components of the index. The losing streak was extended once again as the issue declined $4.13 or 1.9% to close at $215.04.