S&P 500 opens modestly lower near 3,650 on Wednesday

  • Wall Street's main indexes trade in the negative territory on Wednesday.
  • Technology shares are suffering heavy losses after the opening bell.
  • Rising crude oil prices support energy stocks in the early trade. 

Following Tuesday's impressive rally, major equity indexes in the US opened in the negative territory on Wednesday as investors seem to be taking a step back while waiting for the next significant catalyst. Reflecting the cautious market mood, the CBOE Volatility Index, Wall Street's fear gauge, is up 1.5% on a daily basis.

Earlier in the day, the data published by the ADP Research Institue showed the private sector in the US increased by 307,000 in November and fell short of analysts' estimate of 410,000. 

As of writing, the Dow Jones Industrial Average was down 0.5% on the day at 29,691, the S&P 500 was losing 0.45% at 3,645 and the Nasdaq Composite was falling 0.40% at 12,325.

Among the 11 major S&P 500 sectors, the risk-sensitive Technology Index is down 1.2% on the day. On the other hand, the Energy Index is gaining 0.75% supported by a 1% increase in crude oil prices

S&P 500 chart (daily)

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