All good things come to an end, and for the S&P 500 index to extend its winning streak to eight days was a tall task. After a rocky after-hours and premarket session, thanks to the bombshell offered up by Snap Inc. (NYSE: SNAP), the index was able to make a new all-time intraday high (4551.50 vs. 4543.75), but it failed in its bid to make a new all-time closing high.
Besides Snap Inc., with its lower guidance, investors did not take a liking to Federal Reserve Chairman Jerome Powell’s statements on the status of inflation, employment, and supply chain issues. Just before Powell’s comments hit the tape, the index was struggling to stay in the green.
Bears seized on his comments and instigated the biggest intraday decline since October 12. However, buyers emerged just under the intraday low from Thursday (4517.75) as the index bottomed at 4515.25 and reversed course. It was able to surpass the close, heading into the final hour, but profit-takers came in after the eight-day 200 handle rally.
When taking into account the index’s stealth seven-day rally, the decline of five handles to 4536.75, still has the bulls firmly in control for now. It should be noted the index distanced itself from the close in an after-hours drift lower. At the conclusion of after-hours trading (5:00 PM EST), the index was 7.5 handles off the close at 4529.25.
For the second day in a row, the biggest winner of the top components was Tesla Inc. (NASDAQ: TSLA), The issue chewed the sellers at 900 area and added $15.68 or 1.8% to post a new all-time closing high at $909.68. That was a much better showing than the cash index’s decline of 0.11%.
The internet slaughter gashed the top component Alphabet Inc. (NASDAQ: GOOG) the most. The issue had its worst day in several months declining $83.11 or 2.9% to close at $2772.50.
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