S&P 500 opens modestly higher around 3,050 points

• Wall Street’s main indexes are posting small gains on Tuesday.
• Investors are waiting for FOMC Chairman Powell’s testimony.
• Falling crude oil prices weigh on energy shares.

Major equity indexes in the US opened slightly higher on the last day of the second quarter as investors seem to be staying on the sidelines while waiting for FOMC Chairman Jerome Powell’s testimony. As of writing, the S&P 500 was up 0.22% on the day at 3,058, the Dow Jones Industrial Average was flat at 25,577 and the Nasdaq Composite was gaining 0.35% at 9,909. 

Energy shares slump

Later in the day, Powell will testify before the US House of Representatives Financial Services Committee on the Fed’s response to the coronavirus crisis. Moreover, month/quarter-end flows are likely to ramp up the volatility in the second half of the session.

Among the 11 major S&P 500 sectors, the Energy Index is down 1.83% as the top-decliner pressure by slumping oil prices. On the other hand, the Technology Index is gaining 0.72%.