- S&P 500 and Nasdaq Composite opened at fresh record highs on Monday.
- All major sectors of S&P 500 are in positive territory in early trade.
- Surging US Treasury bond yields lift financial shares higher.
After struggling to capitalize on the announcement of the US-China phase-one trade deal last Friday, major equity indexes in the United States started the day decisively higher with the S&P 500 and the Nasdaq Composite, which were adding 0.7% and 0.9% respectively, hitting fresh record highs at the opening bell. Additionally, the Dow Jones Industrial Average is trading within a touching distance of its all-time high, rising 0.45% on the day.
Among the 11-major S&P 500 sectors that are all in the positive territory in the early trade, the Financials Index is up nearly 1% boosted by a 1.9% increase in the 10-year US Treasury bond yield. The Energy Index is also posting strong gain with the barrel of West Texas Intermediate trading in the positive territory above $60 mark.
On the other hand, the defensive Real Estate and Utilities sectors underperform to confirm the upbeat market mood.
The better-than-expected Industrial Production and Retail Sales data from China and heightened hopes of the US-China trade deal leading to stronger economic growth in both countries seem to be causing markets to turn risk-positive at the start of the week.
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