While many issues have breached their June lows along with the S&P 500 index, two stalwarts of the index remained well above their respective lows. However, both Apple Inc. (NASDAQ: AAPL) and Tesla Inc. (NASDAQ: TSLA) are moving closer to them after Thursday’s drubbing.
While Apple had a catalyst with a Bank Of America downgrade, Tesla did it of its own volition and was a victim of the “sell everything” mantra in Thursday’s market.
It was one of those days when the intense selling in the premarket was only a precursor to the price action during the regular session. After a lower opening for the regular secession, the index attempted to revisit the 3700, but the rally came up shy and the beatdown was on.
Once the index breached the premarket low, the pace of the decline accelerated. The index found support ahead of Wednesday’s low (3613), only reaching 3622, and then rebounded into the close. For the session, the index declined by 77.75 handles to close at 3654.25, making a new low for the year on a closing basis.
The biggest winner of the top components was the smallest loser, Exxon Mobil Inc. (NYSE: XOM). For the session, the issue declined by $0.18 or 0.2% to close at $88.68.
That was much better than the cash index’s decline of 2.56%.
Tesla, Inc (NASDAQ: TSLA) edged out Apple to be the biggest loser of the top components. For the session, the issue declined by $19.60 or 6.8% to close at $268.21
PreMarket Prep Stock Of The Day: First Solar Inc. (NASDAQ: FSLR)
Investors attempt to exit the issue into strength from Evercore ISI upgrade, but market forces did not allow for that much past the open. Read more on FSLR here.
