After Wednesday’s post-rate-cut selloff, some bulls were eager to buy the dip in the S&P 500 index futures. In short, the dip was bought during Thursday trading, but only temporarily.
Most of the dip-buying happened overnight, which made for a green open just under the 6000 area. After the opening bell rang, bulls were able to push past the premarket high and into the 6000 level. Unfortunately, that was also the turning point as they were unable to sustain a bid in that area.
As the bears ate away at the gains, the action turned to chop between the regular session open and Wednesday’s close. In the final 10 minutes of the session, sellers were able to breach support and end the day slightly in the red. The session concluded very near the day’s low at 5868.75, losing 3.50 handles. Market participants now have to look forward to November’s PCE index data, set to be released Friday at 8:30am EST.
Among top components of the index, NVIDIA Corp (NASDAQ: NVDA) emerged as the biggest gainer. The chip designer was able to advance by $1.77 or 1.37% to close at $130.68 for the day.
That performance was over one percent better than the cash index’s scratch decline of 0.03%.
On the other hand, the biggest loser was Broadcom Inc (NASDAQ: AVGO), extending its losing streak to three days. For the day, the chip designer declined by $5.30 or 2.37% to close at $218.32.
