S&P 500 Index opens modestly lower, holds above 3,900

  • Wall Street’s main indexes trade little changed on Friday.
  • S&P 500 Financials Index gain traction on rising T-bond yields.
  • Falling tech shares weigh on Nasdaq Composite after the opening bell.

Major equity indexes in the US opened little changed on the last day of the week amid a lack of significant fundamental drivers. As of writing, the S&P 500 Index was down 0.13% on the day at 3,911, the Nasdaq Composite was losing 0.4% at 13,673.30 and the Dow Jones Industrial Average was virtually unchanged at 31,423.

Among the 11 major S&P 500 sectors, the Financials Index is up 0.5% as the best-performer supported by a 2% increase in the benchmark 10-year US Treasury bond yield. On the other hand, the Technology Index is losing 0.4%, weighing on the tech-heavy Nasdaq Composite.

At the top of the hour, the University of Michigan’s preliminary Consumer Sentiment Index for February will be the last data release of the week from the US. Investors see the index improving to 80.8 from 79 in January and a better-than-expected reading could provide a modest boost to risk sentiment.

S&P 500 chart (daily)

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