S&P 500 opens modestly higher, tech shares rebound sharply
- Wall Street's main indexes trade mixed on Thursday.
- Technology stocks post strong gains following this week's selloff.
- Energy shares underperform amid falling crude oil prices.
Following Wednesday's steep decline, major equity indexes in the US opened mixed. As of writing, the S&P 500 was up 0.4% on the day at 4,080, the Dow Jones Industrial Average was posting small losses at 33,590 and the Nasdaq Composite was rising 1.2% at 13,156.
Among the 11 major S&P 500 sectors, the Technology Index, which suffered heavy losses in the first half of the week, is up 1.35% supported by risk flows and bargain shopping. On the other hand, the Energy Index is losing 0.65% amid a 1.6% decline seen in US crude oil prices.
Earlier in the day, the data from the US showed that the annual Producer Price Index rose to 6.2% in April from 4.2% in March and the weekly Initial Jobless Claims declined to 473,000, compared to analysts' estimate of 490,000.
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.
