Home S&P 500 opens below 3,200 dragged by energy stocks
FXStreet News

S&P 500 opens below 3,200 dragged by energy stocks

  • Wall Street’s main indexes opened deep in the red on Tuesday.
  • S&P 500 Energy Index drops nearly 4% in early trade.

Following a seven-day winning streak, major equity indexes in the US opened sharply lower on Tuesday as the risk rally seems to have lost its stream ahead of Wednesday’s FOMC announcements. Reflecting the sour market mood, the CBOE Volatility Index, Wall Street’s fear gauge, is at its highest level in a week at 26.60, up 3.15% on a daily basis.

As of writing, the S&P 500 was losing 1% on the day at 3,198 points, the Dow Jones Industrial Average and the Nasdaq Composite were losing 1.2% and 0.47%, respectively.

Energy stocks stage overdue correction

Among the 11-major S&P 500 sectors, the Energy Index, which was the best performer during last week’s upsurge, was down 3.9% on the day as the top-decliner. On the other hand, the Healthcare Index is staying relatively resilient and remains flat on the day. 

There won’t be any significant macroeconomic data releases in the remainder of the day and investors will be waiting for the Federal Reserve to release its monetary policy statement. 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.