S&P 500 Index opens modestly lower, tech stocks suffer heavy losses

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  • Wall Street’s main indexes started the new week on the back foot.
  • Energy shares continue to climb on rising prices.
  • Technology stocks trade deep in the red after the opening bell.

Major equity indexes opened lower on Monday pressured by large losses witnessed in major technology stocks. As of writing, the S&P 500 Index was down 0.2% on the day at 4,347, the Dow Jones Industrial Average was virtually unchanged at 34,337 and the Nasdaq Composite was losing nearly 1% at 14,427.

Among the 11 S&P 500 sectors, the Communication Services and the Technology indexes both fall more than 1% with Twitter Inc, Facebook and NVIDIA Corp shares losing between 3.2% and 4.2% in the early trade.

On the other hand, the Energy Index is rising 1.3% as the biggest gainer after the opening bell supported by rising gas and crude oil prices

S&P 500 chart daily