S&P 500 Index opens flat, energy stocks capitalize on rising oil prices
- Wall Street's main indexes opened near last week's closing levels.
- Energy stocks post strong gains on the back of rising crude oil prices.
- Technology shares underperform after the opening bell on Monday.
Major equity indexes in the US started the new week in a relatively calm manner amid varying performances of major sectors. As of writing, the S&P 500 Index was unchanged on the day at 4,542, the Dow Jones Industrial Average was losing 0.1% at 35,642 and the Nasdaq Composite was flat at 15,092.
Among the 11 major S&P 500 sectors, the Energy Index is up 1.1% supported by rising crude oil prices. Earlier in the day, the barrel of West Texas Intermediate (WTI) hit its strongest level in seven years at $85.35.
On the other hand, the Communication Services Index is down 0.55% as the biggest decliner after the opening bell.
Earlier in the day, the Federal Reserve Bank of Chicago reported that the economic growth lost momentum in September with its National Activity Index dropping to -0.13 from 0.05 in August.
S&P 500 chart (daily)
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.
