Following the steep decline in the final hour of Monday’s session, this investor ditched his bullish stance for the week and braced for the decline. Wrong.
In fact, the S&P 500 futures index bottomed immediately off the opening of Tuesday’s premarket session and was 65 handles higher by the opening of the regular session. The much higher opening attracted sellers and the index was in retreat mode until 11 AM EST and turned on a dime. The intraday low came well within the top of Monday’s range (4043.50), bottoming at 4029.75.
The index rebounded to a new intraday high only to get submarined by meaningless comments from Federal Reserve Chairman Jerome Powell. However, the index caught a relentless bid around 2:30 PM EST and the tone was set for the rest of the session.
The end result was a gain of 80 handles with a close of 4084.75. The buying spree continued in the after-hours session with a closing print 5 handles higher at 4090.50.
High-beta Nvidia Corp (NASDAQ NVDA) was the biggest gainer of the top components. For the session, the issue added $9.13 or 5.3 percent to close at $181.77.
That was over double the cash index’s gain of 2.02 percent.
The biggest loser of the top components was the smallest gainer, Johnson & Johnson (NYSE: JNJ). For the session, the issue gained $0.74 or 0.42 percent to $178.82.
PreMarket Prep Stock Of The Day: Macy’s Inc. (NYSE: M)
Got wrecked in the premarket by a “fat finger” and rebounded right back up. Read more on M here.
