S&P 500 Index opens flat, Nasdaq gains traction on rising tech shares

• S&P 500 starts new week flat following Friday’s drop.
• Amazon and Apple lift technology shares on Monday. 
• Durable Goods Orders data from US failed to provide a boost to sentiment.

After suffering heavy losses last Friday, the S&P 500 Index (SPX) opened flat on Monday as investors seem to be staying on the sidelines ahead of Wednesday’s FOMC meeting and this week’s key second-quarter earnings reports. As of writing, the S&P 500 was up 0.2% on the day at 3,220, the Dow Jones Industrial Average (DJI) was virtually unchanged at 26,474 and the Nasdaq Composite (IXIC) was gaining 1% at 10,471.

Earlier in the day, the data published by the US Census Bureau showed that Durable Goods Orders in June increased by 7.3%. Although this reading came in slightly better than the market expectation of 7.2%, it had little to no impact on market sentiment.

Among the 11 major S&P 500 sectors, the Technology Index is up 1.05% on the day, fueling the tech-sensitive IXIC’s rally. Amazon.com INC (AMZN) and Apple Inc (AAPL) shares are gaining around 2.5% in the early trade. On the other hand, slumping Treasury bond yields continue to weigh on financial shares. At the moment, the Financials Index is down 1.5% as the worst-performing major sector.

S&P 500 chart (daily)