All good things come to an end and the S&P 500 index’s extended winning streak is now over. However, it was hardly a straight down affair.
In fact, off several earnings beats, both after-hours and premarket today, enabled the index to make a new high for the move heading into the opening bell. However, the bears were determined to snap the longest streak in two years.
The outcome of the session was not really determined until just after 1:00 PM ET when the Treasury’s $24 billion 30-year bond auction was not well received. That instigated a 25-handle plunge in a matter of minutes and set the tone for the remainder of the session.
Fed Chairman Jerome Powell’s hawkish comments around 2:15 PM ET provided more fodder for the hibernating bears. Heading into the final hour, the index was searching for a bottom, but was unable to until the final few minutes of the session at 4357.75.
Shorts that were looking for the index to close on its low had to scramble as the index caught a strong bid in the final minute. As a result, the index was able to distance itself from the low of the session, but still declined 37.25 handles at the closing price of 4362.25.
Among the top components, Nvidia Corp (NASDAQ: NVDA) was the biggest winner. The issue extended its winning streak to seven sessions, by adding $3.76 or 0.81% at the closing price of $469.70.
That performance was over one percent better than the cash index’s decline of 0.81%.
Conversely, Tesla Inc. (NASDAQ: TSLA) was the biggest loser by a wide margin. The issue was under constant selling pressure as the result of HSBC initiating coverage on the issue with Reduce (Sell) Rating, with a price target of $146. For the session, the issue declined by $12.13 or 5.46% at the closing price of $209.98.
