Major US equity indices opened with modest gains on Thursday and were looking to extend the recent rally for the fifth consecutive session.
Financial shares gained on expectations of tighter monetary policy in the US and Europe, reinforced by rising bond yields, and was among key movers during the early hour of trade.
Meanwhile, news that the US has executed a definitive agreement Chinese telecom giant ZTE failed to provide any meaningful boost to technology shares and did little to build on early positive mood.
Moreover, investors also seemed to refrain from placing any fresh bullish bets amid absent major market-moving economic releases and especially after the recent run-up, which eventually led a modest
However, the incoming positive US economic data along with strong corporate fundamentals and easing geopolitical tensions remain supportive for a continuation of the upward trajectory in the near-term.
At the time of writing this report, the Dow Jones Industrial Average was up over 100-points to 25,252 and the broader S&P 500 Index climbed around 6-points to 2,778. Meanwhile, tech-heavy Nasdaq Composite underperformed the broader indices and held near yesterday’s closing level, just below the 7,700 mark.
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