It took some time, but there was follow-through from Wednesday’s rally in a big way. The culprit for the early morning indecisiveness was the worse-than-expected Q2 GDP reading that was released at 8:30 AM EST.
Despite the bad news, the S&P 500 index futures ran for Wednesday’s high off the open but failed. Then the complexion of the market changed from all buyers to all sellers as the index swooned to breach the premarket low by a considerable margin.
However, when the bears could not keep the index under 4000, the bulls began their stampede. Once the index breached Wednesday’s high, the pace of the rally massively accelerated. As a result, the index gained 49 handles to close at 4073.50.
Earnings beats from Amazon Inc. (NASDAQ: AMZN) and Apple Inc. (NASDAQ: AAPL) have made the closing price an irrelevant number for the time being.
Microsoft Inc. (NASDAQ: MSFT) was the biggest winner of the top components of the index. For the session, the issue gained $7.67 or 2.9% to close at $276.41.
That was over double the cash indexes gain of 1.21%.
The one and only loser of the top components was Meta Platforms Inc. (NASDAQ: META). For the session, the issue declined by $8.86 or 5.2% to close at $160.72.
PreMarket Prep Stock Of The Day: Ford Motor Inc. (NYSE: F)
Ford posted a solid gain but struggled to clean up the sellers at the $14 area. Read more on F here.
