S&P 500 opens modestly lower, stays within touching distance of record highs
- Wall Street's main indexes trade mixed on Monday.
- Energy shares slide as crude oil prices decline at the start of the week.
- Defensive sectors trade in the positive territory after the opening bell.
Major equity indexes opened mixed on Monday as investors seem to be opting out to stay on the sidelines ahead of this week's key events and macroeconomic data releases.
As of writing, the S&P 500 Index, which touched a record high of 4,372, is posting modest daily losses at 4,360. Meanwhile, the Dow Jones Industrial Average was down 0.4% at 34,730 and the Nasdaq Composite was up 0.15% at 14,850.
Among the 11 major S&P 500 sectors, the Energy Index is down 0.5% pressured by a 1.7% decline witnessed in US crude oil prices. On the other hand, the defensive Healthcare and Real Estate indexes stay in the positive territory after the opening bell.
On Tuesday, the Consumer Price Index (CPI) will be featured in the US economic docket. Later in the week, the US Federal Reserve will release its Beige Book and FOMC Chairman Jerome Powell will deliver the Fed’s semiannual report to Congress on the state of the US economy starting on Wednesday.
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.
