S&P 500 Index opens sharply lower, tests 3,800
|- Major equity indexes in US started the day with large losses.
- All major sectors of S&P 500 trade in the negative territory.
- Investors await FOMC Chairman Jerome Powell's remarks on policy outlook.
Wall Street's main indexes opened significantly lower on Wednesday as safe-haven flows continue to dominate financial markets. As of writing, the Dow Jones Industrial Average was down 1.12% on the day at 30,580, the S&P 500 was losing 1.38% at 3,797 and the Nasdaq Composite was falling 1.4% at 13,300.
Mirroring the dismal market mood, the CBOE Volatility Index (VIX), Wall Street's fear gauge, is up nearly 19% on a daily basis.
All major sectors of the S&P 500 trade in the negative territory after the opening bell with the Materials Index losing 2.8% as the biggest percentage decliner.
Earlier in the day, Boeing announced that it suffered a record $11.9 billion net loss in 2020. On a positive noted, Microsoft and Starbucks both reported stronger-than-expected earnings. After the closing bell, Apple, Tesla and Facebook are scheduled to release their quarterly earnings figures.
S&P 500 chart (daily)
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