The Santa Claus rally was derailed after just one day as the S&P 500 index was unable to overcome the carnage in the mega-cap technology sector. The top four components [Apple Inc. (NASDAQ: AAPL) Microsoft Corp (NASDAQ: MSFT), Alphabet Inc. (NASDAQ: GOOG or GOOGL), Amazon.com (NASDAQ: AMZN)] that come under that moniker, were all in the red between 0.74% and 2.65%. Not to mention, Nvidia Corp (NASDAQ: NVDA) has been under intense selling pressure and got walloped again today.
That easily offset the gains in the lower weighted “value” issues [UnitedHealth Group (NYSE: UNH), Exxon Mobil (NYSE: XOM), Procter & Gamble Co. (NYSE: PG)].
While the index spent the majority of the premarket session in the green, it spent almost all of the regular session in the red. On a positive note, the index did make a higher low for the second day in a row in an attempt to build a base to rally off.
With just under 15 minutes remaining, the index made another push to go green, but once again was held back by faltering tech stocks. For the session, the index declined by 14.75 handles to close at 3855.
One of the few big winners of the index for the year, was the biggest gainer of the top components, Exxon Mobil (NYSE: XOM). For the session, the issue gained $1.51 or 1.39% to close at $110.19.
That was much better than the cash index’s decline of 0.40%.
By far the biggest loser of the top components was Nvidia Corp (NASDAQ: NVDA). For the session, the issue declined by $10.85 or 7.30% to close at $141.21.
