S&P 500 Index opens in the negative territory, technology stocks underperform

  • Wall Street’s main indexes opened in the red on Thursday.
  • CBOE Volatility Index is up nearly 7% on the day.
  • Defensive sectors trade in the positive territory after the opening bell.

Major equity indexes in the US opened lower following the mixed macroeconomic data releases from the US. As of writing, the S&P 500 was down 0.4% on the day at 4,356, the Dow Jones Industrial Average was losing 0.33% at 34,818 and the Nasdaq Composite was falling 0.6% at 14,812.

Reflecting the risk-averse market environment, the CBOE Volatility Index (VIX), Wall Street’s fear gauge, is up nearly 7%.

The US Department of Labor reported on Thursday that Initial Jobless Claims declined to 360K in the week ending July 10. Other data from the US revealed that the NY Empire State Manufacturing Index rose sharply to 43 in July from 17.4 in June and the Philly Fed Manufacturing Index dropped to 21.9 from 30.7.

Among the 11 major S&P 500 sectors, the risk-sensitive Technology Index is down 0.7% on the day. On the other hand, the defensive Utilities and the Real Estate indexes edge higher after the opening bell.

S&P 500 chart (daily)

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