The unpredictable price action during the rollover period in the S&P 500 index futures continued in a big way. Whereas the index was looking into the abyss and intent on breaching the low for the move at Tuesday’s close, today it added 106.50 handles to close at 4275.25.
While the retreat in crude oil and other commodities tempered inflation fears for one day, the price action in today’s session was much more than that. From the broad-based rally, one would be inclined to think Russia’s assault on Ukraine has already been factored into the long-term price action. Whether or not that is the case remains to be seen.
Nvidia Corp (NASDAQ: NVDA) was the biggest winner of the top components of the index. For the session, the issue gained $15 or 7% to close at $230.14.
That was over double the cash index’s gain of 2.57%.
The biggest loser of the top components was the smallest gainer. That was Johnson & Johnson (NYSE: JNJ) which only added $0.64 or 0.38% to close at $169.36.
Wednesday’s With Wedbush: David Nierengarten, Ph.D., Senior analyst covering small-mid cap biotech stocks at Wedbush Securities
Three biotech companies to put on your “buy” radar. Read more here.