S&P 500 Index opens flat as rising energy shares offset tech stocks’ dismal performance

• Wall Street’s main indexes started the new week on a mixed note.
• Energy and financial stocks post strong gains on Monday.
• Tech shares remain on the back foot after the opening bell.

Major equity indexes opened mixed on Monday amid varying performances of major sectors. As of writing, the S&P 500, which opened flat at 3,840, was up modestly at 3,855, the Nasdaq Composite was losing 0.15% at 12,649 and the Dow Jones Industrial Average was up 0.7% at 31,713.

Rising US Treasury bond yields continue to support financial stocks with the S&P 500 Financials Index rising more than 1% in the early trade. Additionally, the Energy Index is up 1.1% after crude oil prices jumped to the highest level since October 2018 earlier in the day.

On the other hand, the Technology Index and the Consumer Staples Index both stay in the negative territory after the opening bell.

Earlier in the day, the US Federal Reserve announced that it has extended its paycheck protection program liquidity facility by three months to the end of June, helping the market sentiment improve. Meanwhile, investors are keeping a close eye on fresh developments surrounding the coronavirus relief bill.

S&P 500 chart (daily)