S&P 500 Index opens moderately lower following last week’s record-setting rally

• Wall Street’s main indexes trade modestly lower on Monday.
• Technology stocks start the new week on the back foot.
• Rising crude oil prices provide a boost to energy shares.

Major equity indexes in the US opened with small losses on Monday following last week’s impressive rally  as investors seem to be taking a breather while waiting for the beginning of the earnings season later in the week. As of writing, the Dow Jones Industrial Average was down 0.1% on the day at 33,770, the S&P 500 Index was losing 0.08% at 4,125 and the Nasdaq Composite was falling 0.27% at 13,808.

Among the major S&P 500 sectors, the Technology Index is down 0.5%. On the other hand, the Energy Index is up 1.2% supported by a 2% increase in the US crude oil prices.

There won’t be any significant macroeconomic data releases in the remainder of the day. Market participants will keep a close eye on the 10-year US Treasury note auction and a positive reaction in US T-bond yields could trigger a selloff in US stocks.

S&P 500 chart (daily)