S&P 500 Index opens lower after last week’s rally

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  • The major Wall Street indices are pushing lower on Monday.
  • Rising crude prices continue to boost energy stocks.
  • Industrial stocks start the new week on the back foot.

After last week’s rebound, the main US stock indices They opened in negative territory on Monday as safe-haven flows dominate financial markets. Reflecting the bitter market mood, the CBOE volatility index is climbing more than 8% on the day at 17.72.

At time of writing, the S&P 500 Index was down 0.5% on the day to 4,448, the Dow Jones Industrial Average lost 0.7% to 35,035 and the Nasdaq Composite lost 0.33% to 14,848.

Among the top 11 sectors in the S&P 500, the Energy Index is up nearly 1% supported by rising crude prices. On the other hand, the Industrial Index is down 0.9%.

Hours earlier, data released by the US Federal Reserve showed that US industrial production contracted 1.3% monthly in September. “Production of motor vehicles and parts fell 7.2% as the shortage of semiconductors continued to hamper operations,” the Fed noted in its release.

S&P 500 chart (daily)

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