The S&P 500 index ended its three-day winning streak with a thud. The post-lunch retreat on Monday was only a precursor of what was yet to come in Tuesday’s session.
While the premarket traders kept the index above unchanged for most of its session, the index spent very little time in the green. The index was teetering at the premarket low, when Federal Jerome Powell began his “hawkish” comments during his testimony to the Congress.
Just as the index ripped through the lower 4000 handle on Friday, it sliced right back through it. Now the index is right back in the area of last Thursday’s close (3984.75), where it tacked on 100 handles before peaking on Monday at 4082.50.
For the session, the index surrendered 62.75 handles with a closing price of 3989.75.
The biggest winner of the top components of the S&P 500 index was the smallest loser, Amazon.com Inc. (NASDAQ: AMZN). The issue declined by $0.20 or 0.21% with a closing price of $93.55.
That was over one percent better than the cash index’s decline of 1.55%.
Tesla Inc. (NASDAQ: TSLA) led the charge to the downside. For the session, the issue declined by $6.10 or 3.1% with a closing price of $187.71.
