Market participants clamored for a 0.75 hike in interest rates and the Fed delivered. The overall reaction to the move was positive. We will wait to see how long that lasts.
The technicals of the S&P 500 index futures say it all. The decline during Powell’s testimony found support ahead of Tuesday’s low and increased the likelihood of a “V” bottom. On the other hand, the index failed to clear Monday’s high but retreated from the daily (3843) into the close.
For the session, the index added 52.50 handles to close at 3789.25. That is comfortable above the low close for the move/year which is 3740.25 from Tuesday’s session.
Tesla Inc. (NASDAQ: TSLA) was the biggest winner of the top components of the index. For the session, the issue gained $36.33 or 5.5 percent to close at $699.
That was nearly four percent better than the cash index’s advance of 1.40 percent.
There was only one loser of the top components of the index and therefore the biggest loser, Exxon Mobil Corp (NYSE: XOM). For the session, the issue declined by $1.21 or 1.26 percent to close at $94.89.
Premarket Prep Stock Of The Day: Hertz Global Holdings Inc. (NASDAQ: HTZ)
This time around it was “sell the news.” Read more on HTZ here.
