The S&P 500 futures index had back to back up-days on Tuesday and Wednesday to put the index comfortably in the green for the week. However, it gave up all of those gains and then some to end to post back-to-back weekly declines.
It was not the same type of decline as on Thursday when there was constant selling pressure almost the entire session. Instead, the index had two aborted rallies. The first came off the open and the more robust one came after the index bottomed at 4321 and roared back to go green in the early portion of the final hour.
With uneasiness over the geopolitical situation coupled with a three-day weekend, investors opted to trim some longs into the close. As a result, the index declined 31 handles to close at 4343.50. That marks the second-lowest close for the index since peaking early in January.
Unlike Thursday, not all of the top components of the index were in the red. The leader of the pair was JP Morgan Chase & Co. (NYSE: JPM) which added $0.71 or 0.47% to close at $152.14.
That was over a percentage point better than the cash index’s decline of 0.72%.
Nvidia Corp (NASDAQ: NVDA) continued its post-earnings slide and was the biggest loser of the top components for the second day in a row. The issue declined $8.65 or 3.52% to close at $236.42.
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