Wall Street opens mixed, technology shares underperform on Friday
- Energy shares rise on Friday supported by recovering crude oil prices.
- Retail sales in the US rose strongly in August.
- Technology shares fall after US House Judiciary Panel requests company records.
Wall Street's main indexes started the last day of the week mixed as investors are analyzing the upbeat retail sales data, the latest developments surrounding the US-China trade dispute and the US House Judiciary Panel's antitrust investigation. As of writing, the Dow Jones Industrial Average was up 0.2% on the day while the S&P 500 was adding 0.1% and the Nasdaq Composite was erasing 0.15%.
Among the 11-major S&P 500 sectors, the Technology Index is erasing 0.4% on the day after the US House Judiciary Panel earlier today asked Alphabet, Amazon.com Inc, Facebook and Apple to turn over company documents as part of the ongoing antitrust investigation.
On the other hand, rising hopes of the US-China moving toward a trade agreement allowed crude oil prices to stage a rebound today and helped the Energy Index gain traction and rise more than 0.5% in the early trade to keep the S&P 500 in the positive territory.
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.
