Following back-to-back down days, the S&P 500 index needed a positive catalyst to rally and it certainly found one in Wednesday’s after-hours session. That being a blowout Q1 report and raised guidance from Nvidia Corp (NASDAQ: NVDA).
As a result, the index never revisited the close in premarket trading, bottoming at 4131.50 in the premarket, compared to the close at 4126. During the regular session, the bears made a few attempts to revisit the premarket low, but did not come close.
Just as the index was vying for a new high for the session late in the day, a large sell imbalance spoiled a perfect ending to a good day. The end result was a gain of 53.75 handles at the closing price of 4159.75.
Nvidia Corp (NASDAQ: NVDA) was by far the biggest winner of the top components of the index. Following a strong Q1 beat and raised guidance, the issue added an astounding $74.42 or 24.4% at the closing price of $379.80.
That was nearly 28 times the cash index’s gain of 0.87%, which may be the largest margin between a top component and the index.
Exxon Mobil (NYSE: XOM) followed Crude Oil prices lower and was the biggest loser of the top components of the index. For the session, the issue declined by $1.93 or 1.79% at the closing price of $105.66.
PreMarket Prep “The Closing Print” With Michael Pachter
Michael is the Managing Director at Wedbush Securities, covering the Entertainment Software, Entertainment Retail, Social Internet, E-Commerce, and Movies & Entertainment sectors.
Tune in below for an expert opinion on the status of Microsoft Corp (NASDAQ: MSFT) and Activision Blizzard (NASDAQ: ATVI) merger:
