Earnings reports from the top components of the S&P 500 index can make or break the index. On Wednesday, the index was bolstered by a solid Q4 beat from Alphabet Inc. (NASDAQ: GOOG or GOOGL), and more importantly by a 20-for-1 stock split, which propelled the index to the area before it cratered to end January.
At the time of this article being written, Thursday’s session is going to be a rough one. The culprit is Metaverse Inc. (NASDAQ: FB), which is being hammered on a mixed Q4 report, with a substantial miss on the EPS. As a result, Wednesday’s closing price, higher by 42.25 handles at 4577.25 is a mirage with the last after-hours print being at 4548.50.
Notwithstanding the wicked after-hours price action, Alphabet Inc. is the biggest gainer of the top components of the index. The issue, which made a new all-time high off the open, faded during the regular session added $203.16 or 7.4% to close at $2960.73.
That was nearly eight times the cash index’s gain of 0.94%.
The biggest loser of the top components is Tesla Inc. (NASDAQ: TSLA), which declined by $25.59 or 2.7% to close at $905.66.
Wednesday With Wedbush: Matt Bryson, SVP of Equities/Hardware at Wedbush
Read more about Matt’s commentary on the semiconductor sector here.
