The strong upside momentum to start the month was curtailed in its second day of trading. While the index spent a small portion of the premarket in the green, the same cannot be said for the regular session.
In fact, the intraday high was over 20 handles (4579.75) lower from Friday’s closing high of the move (4600.75). The selling in the premarket session accelerated around 6:00 AM EST and as a result, instigated a lower open across the board.
After the sympathetic bounce off the opening bell failed, the index easily breached Friday’s low, falling to 4553.50. The 50+ handle selloff from the Globex high attracted some buying interest as the index had mounted a formidable rebound.
Post-lunch, the index meandered the above and below the 4570 handle until the final fifteen minutes of the session. At that time, it had a quick burst to make a new intraday high, but retreated to close lower by 24.25 handles at the closing price of 4576.50.
Among the top components, the biggest winner was JP Morgan Chase & Co. (NYSE: JPM). For the session, the issue added $1.15 or 0.73% at the closing price of $157.99.
That was over one percent better than the cash index’s decline of 0.54%.
On the other side, NVIDIA Corp (NASDAQ: NVDA) was the biggest loser. The issue is continuing its post-earnings descent, with Monday’s losses being the most damaging. For the session, the issue swooned $12.55 or 2.68% at the closing price of $455.10. It has now traded lower in seven of the last nine sessions following its Q3 beat and raised guidance.
