S&P 500 Index opens in green above 3,300, all major sectors post gains
- Major equity indexes in the US opened in the positive territory on Wednesday.
- CBOE Volatility Index drops to reflect upbeat market mood.
- All major sectors of S&P 500 post gains in early trade.
Wall Street's main indexes opened in the positive territory for the fourth straight trading day on Wednesday as risk-on flows continue to dominate financial markets. As of writing, the S&P 500 was up 0.4% on the day at 3,320, the Dow Jones Industrial Average was gaining 0.73% at 27,026 and the Nasdaq Composite was rising 0.15% at 10,956.
Reflecting the upbeat market mood, the CBOE Volatility Index, Wall Street's fear gauge, is down 2% on the day. Earlier in the day Johnson & Johnson announced that it reached a $1 billion deal with the US government to manufacture 100 million doses of its coronavirus vaccine if it proves successful and provided a boost to sentiment.
Meanwhile, the monthly data published by the ADP revealed that the US' private sector only added 167K jobs in July. However, June's print got revised from 2.3 million up to 4.3 million.
At the moment, all 11-major sectors of the S&P 500 trade in the positive territory with the Industrials, Materials, Energy and Financials indexes all gaining more than 1%.
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.
