- Wall Street’s main indexes trade in the positive territory on Friday.
- Energy shares suffer heavy losses amid falling crude oil prices.
- Risk-sensitive technology stocks gain traction on upbeat market mood.
Following Thursday’s steep decline, major equity indexes started the last trading day of February in the positive territory as the pullback in US Treasury bond yields seems to be providing a boost to market sentiment. As of writing, the Dow Jones Industrial Average was posting small daily gains at 31,352, the S&P 500 Index was up 0.4% at 3,843 and the Nasdaq Composite was rising 1.1% at 12,964.
Reflecting the positive shift in market sentiment, the CBOE Volatility Index (VIX), Wall Street’s fear gauge, is down 4.6% on the day.
Among the 11 major S&P 500 sectors, the risk-sensitive Technology Index is up more than 1% as the best performer in the early trade. On the other hand, the Energy Index is losing nearly 2% pressures by a 1.33% drop in US crude oil prices.
Later in the session, the University of Michigan’s Consumer Sentiment Index will be looked upon for fresh catalysts. Earlier in the day, the US Bureau of Economic Analysis reported that Personal Income and Personal Spending in January rose by 10% and 2.4%, respectively.
S&P 500 chart (daily)
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