S&P 500 extends slide toward 3,130 dragged by tech shares

S&P 500 opened in red after losing nearly 1% on Monday.
S&P 500 Technology Index is down 1.2% in the early trade.
Dow Jones Industrial Average is posting modest daily gains.

Eren Sengezer FXStreet

Wall Street's main indexes started the week on firm footing but came under strong bearish pressure in the second half of the day to close in the negative territory. On Tuesday, Wall Street's main indexes started the day on a mixed note as investors continue to assess second-quarter earnings figures.

Tech shares underperform in early trade

As of writing, the S&P 500 was down 0.45% on the day at 3,140, the Dow Jones Industrial Average was gaining 0.4% at 26,185 and the Nasdaq Composite was losing 1.18% at 10,268.

Among the 11 major S&P 500 sectors, the Technology Index is down 1.2% on the day as the top-decliner. On the other hand, the Energy Index is up 1.2%.

Earlier in the day, the Citigroup reported revenue of $19.77 billion in the second quarter and beat analysts' estimate of $19.12 billion. Moreover, Wells Fargo reported its first quarterly loss since 2008 and JP Morgan a net income of $4.7 billion in the second quarter. At the moment, the Financials Index is up 0.2% on the day.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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