Once again, overnight headlines dictated the price action in the S&P 500 index futures. As opposed to the last few ones, the headline was “potential” good news. That being the Russian Army had done a complete reverse and is now retreating its forces from the Ukraine border.
While the premarket low was never challenged, buyers made several attempts to breach the premarket high but were turned back in every instance. In fact, the final one was made in the last few minutes of the session, emphasizing the importance of the close as it resides very close to the high for the session.
Unfortunately for intraday-only traders, the lion’s share of the gains was made in the premarket for the index. With that being said, the index did post a healthy gain of 70.50 handles to close at 4464.50.
Shorts are squirming ahead of Nvidia Corp (NASDAQ: NVDA) Q4 report after the close on Thursday. As a result, the stock was the biggest gainer of the top performers adding $22.28 or 9.2% to close at $264.95.
That was nearly six times the cash index’s gain of 1.58%.
Once again, the biggest loser of the top components was the smallest gainer. That was Berkshire Hathaway Class B (NYSE: BRK.B), which added $1.92 or 0.61% to close at $316.20.
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