The weakness from late in the session on Monday continued into Tuesday’s price action. The index spent the majority of the premarket session in the red and had some follow-through off the opening of the regular session.
However, the index found buyers in a familiar area. Former resistance from last week in the 4540 area (Wednesday’s high of 4541.25 and Friday’s at 4539.50) became support, and the index reversed course.
The rebound off the low was slow and steady, with the index making a new intraday high before backing off to settle near the opening price of the regular session.
Ahead of the most anticipated earnings report in the history of the stock market, NVIDIA Corp’s (NASDAQ: NVDA) Q3 report, the index declined by 11 handles at the closing price of 4551.25.
Among the top components, UnitedHealth Group Inc. (NYSE: UNH) was the biggest winner. For the session, the issued advanced $4.49 or 0.84%.
This performance was much better than the cash index’s decline of 0.20%.
In contrast, Amazon.com Inc. (NASDAQ: AMZN) was the biggest loser. Investors exited the issue following the announcement that founder Jeff Bezos filed to sell up to $1B worth of his stake in the company. For the session, the issue declined by $2.23 or 1.5% at the closing price of $143.90.
