- The major Wall Street indices opened sharply lower on Monday.
- Energy and financial stocks suffer heavy losses after the bell opened.
- S&P 500 Index Utilities Index posts modest gains.
Major stock indices in the US opened deep into negative territory on Monday under pressure from safe-haven flows amid the Evergrande crisis in China. At time of writing, the S&P 500 is trading at its lowest in two months at 4,368, shedding 1.45% on the day. The Dow Jones Industrial Average was down 1.55% to 34,044 and the Nasdaq Composite lost 1.7% to 14,790.
Among the top 11 sectors of the S&P 500, the Energy Index is down 3.2% after the opening bell, dragged down by a 1.6% drop in US crude oil prices. , the financial index is losing 2.2% due to the more than 2% drop in the benchmark yield on 10-year US Treasuries.
On the other hand, the defensive utilities index is the only major sector that remains afloat in positive territory in early trading.
S&P 500 chart (daily)
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