Premarket trading was a good indication of the Wednesday session. The index spent very little time in the green during aftermarket trading on Monday and into early Wednesday. In fact, the index was over 20 handles in the red at the start of today’s regular session.
However, once the premarket low was defended early, the index drifted higher, but came up just shy of going green on a few different occasions.
The index did show some weakness in the final thirty minutes and ended up in the red by eight and a half handles at 4483.75.
Meta Platforms Inc. (NASDAQ: META) was the biggest winner of the top components by a wide margin. Investors flocked to the issue one day prior to its rollout of “Threads,” which will be a competitor to the Twitter platform. The issue blasted through its former quadruple top just under $290 and added $8.35 or 2.9% at the closing price of $294.37.
Investors did not take a liking to the revised guidelines for medicare drug pricing and made UnitedHealth Group Inc. (NYSE: UNH) the biggest loser. For the session, the issue retreated $6.66 or 1.4% at the closing price of $271.30.