Wall Street opens modestly higher, energy shares underperfom

Falling crude oil prices weigh on energy shares at the start of the week.
Technology stocks gain traction boosted by strong gains in Apple shares.

Eren Sengezer FXStreet

Major equity indexes in the United States (US) started the first trading day of the week in the positive territory led by upbeat gains witnessed in technology stocks. As of writing, the Dow Jones Industrial Average and the S&P 500 were both up 0.3% on the day while the Nasdaq Composite was adding 0.35%.

JP Morgan today announced that it raised the forecast for iPhone shipment volume and Apple shares are rising more than 1% in the early trade. Supported by Apple shares' performance, the S&P 500 Technology Index is up 0.5%.

Among the 11-major S&P 500 sectors, the Energy Index is the only sector that stays in the negative territory hurt by falling crude oil prices. Easing tensions in the Middle East on reports of Saudi Arabia sending messages to Iran's president through other countries caused the barrel of West Texas Intermediate (WTI) to come under pressure. At the moment, the WTI is down 1.4% on the day at $55.30.

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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