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.

Eren Sengezer FXStreet

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.

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