S&P 500 Index opens flat, tech shares underperform

Wall Street's main indexes trade mixed on Friday.
Falling technology stocks weigh on Nasdaq ahead of the weekend.

Eren Sengezer FXStreet

Major equity indexes started the last day of the week mixed amid varying performances of major sectors. As of writing, the S&P 500 was virtually unchanged on the day at 4,549, the Dow Jones Industrial Average was up 0.15% at 35,657 and the Nasdaq Composite was down 0.3% at 15,168.

Pressured by the large losses witnessed in Twitter Inc and Facebook shares, the Communication Services Index is down more than 1% after the opening bell. On the other hand, the Financials Index is rising 0.8% as the best-performing sector in the early trade.

Later in the session, FOMC Chairman Jerome Powell will be speaking at a panel discussion on monetary challenges in the wake of COVID. The IHS Markit will release the preliminary Services and Manufacturing PMIs as well.

S&P 500 chart (daily)

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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