When the second biggest component of the S&P 500 index has a 7% increase, it is hard to imagine that the overall index would finish in the red. That was the case in Wednesday’s session, as the issue exploded following its Q1 beat. It did give a boost to related issues, but not enough to overcome the exodus out of value stocks, and in particular the banking sector.
The pounding of the financial sector was instigated by the swift liquidation of shares of First Republic Bank (NYSE: FRC). The issue, which peaked on Monday at $16.36 swooned to $4.76 in Wednesday’s session before rebounding slightly to end the session at $5.69.
For the session, the futures declined by 17.25 at the closing price of 4176.
After its Q1 beat, Microsoft Corp (NASDAQ: MSFT) was by far the biggest winner of the top components of the index. The issue had one of its best sessions in years, by adding $19.95 or 7.2% at the closing price of $295.37.
That was much better than the index’s 0.38% decline.
Tesla Inc. (NASDAQ: TSLA) continues its post earnings struggles and was the biggest loser of the top component of the index. For the session, the issue declined by $6.92 or 4.3% at the closing price of $153.75.
