S&P 500 Index opens modestly lower after record recovery Monday

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  • The major Wall Street indices started the day in negative territory.
  • Energy stocks post strong gains amid rising crude oil prices.
  • Defensive sectors underperform after Tuesday’s opening bell.

After posting impressive earnings and posting a new record on Monday, the S&P 500 Index (SPX) It opened lower on Tuesday as investors appear to be taking this opportunity to take some of their earnings off the table. Currently, the SPX is down 0.15% on the day to 4,071, the Dow Jones Industrial Average is losing 0.22% to 33,457 and the Nasdaq Composite is down 0.19% to 13,572.

Among the top 11 sectors in the S&P 500, the Energy Index has risen 1.23% as the top performer in early trading supported by a more than 2% rise in US crude oil prices.

On the other hand, the defensive utilities and real estate indices fell 0.7% and 0.5%, respectively, after the opening bell.

Hours earlier, the International Monetary Fund (IMF) announced that it raised its outlook for world economic growth to 6% this year from 5.5% in January forecasts, driven by a strong rebound in the US economy.

S&P 500 chart (daily)

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