Investors got what they wanted, which was a bad job number or a higher unemployment rate. That may be an indication the Fed will reevaluate its pace of interest rate hikes.
The volatility from the jobs number through the regular session makes Friday one of most treacherous days in quite some time. Perhaps the nearly 100-handle decline from the pre-11:00 AM EST high (3805.50) down to nearly the premarket low (3711) post-Noon, had the bulls on the ropes.
Much of that decline was spearheaded by the collapse of mega technology stocks. For example, Apple Inc. (NASDAQ: AAPL) went from $4 in the green to $4 in the red and within one penny of its October low.
Once the bulls defended the low and mega-cap technology began to rebound, the bulls went on the offensive into the close. For the session, the index added 51.75 handles to close at 3779.50.
Nivida Corp (NASDAQ: NVDA) is at it again by being the biggest winner of the top components for the second day in a row. For the session, the issue gained $7.35 or 5.48% to close at $141.56. That was over five times better than the cash index’s advance of 1.36%.
Tesla Inc. (NASDAQ: TSLA) was the biggest loser of the top components for the second time this week. For the session, the issue declined by $7.84 or 3.6% to close at $206.80.