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  • Wall Street’s main indexes opened mixed on Monday.
  • Financial stocks turn south as US T-bond yields push lower.
  • Technology stocks post strong gains to boost Nasdaq Composite.

Major equity indexes in the US started the new week on a mixed note amid varying performance of major sectors. As of writing, the Dow Jones Industrial Average was down 0.3% on the day at 32,535, the S&P 500 was rising 0.08% at 3,916 and the Nasdaq Composite was up 1% at 12,995.

A deep downward correction witnessed in the US Treasury bond yields seems to be weighing on rate-sensitive financial shares. As of writing, the S&P 500 Financials Index was down 1% as the worst-performing major sector.

On the other hand, the Technology Index is rising 1% in the early trade with the falling T-bond yields providing a boost to growth stocks.

Earlier in the day, the data from the US showed that the Federal Reserve Bank of Chicago’s National Activity Index dropped to -1.09 in February from 0.75 in January but this reading doesn’t seem to be impacting market sentiment.

S&P 500 chart (daily)