Wall Street opens higher on upbeat earnings figures

Technology Index leads rally boosted by strong gain in Intel shares.
CBOE Volatility Index drops on easing worries over coronavirus.
Energy Index continues to underperform amid falling crude oil prices.

Eren Sengezer FXStreet

Wall Street's main indexes started the day higher as the easing worries over coronavirus becoming a global health emergency and upbeat earnings figures allowed risk-on flows to return to markets.

As of writing, the Dow Jones Industrial Average was up 0.35% on the day while the S&P 500 and the Nasdaq Composite were adding 0.1% and 0.4% respectively. Reflecting the improving sentiment, the CBOE Volatility Index, Wall Street's fear gauge, is down around 2% on the day.

Tech shares gain traction

Led by a more-than-6% gain in chipmaker giant Intel's shares on upbeat strong quarterly profit figures, the Technology Index is up 0.9% to lead the rally. On the other hand, with the barrel of West Texas Intermediate erasing 2% on Friday, the Energy Index is extending its losing streak and was last erasing 0.77% on the day.

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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