S&P 500 Index opens higher but retreats, Nasdaq surges on rising tech shares

Wall Street's main indexes opened last day of July in positive territory.
Nasdaq Composite gains more than 1% on rising tech shares.
S&P 500 remains on track to close fourth straight month with gains.

Eren Sengezer FXStreet

Major equity indexes in the US opened the last day of the week and the month in the positive territory supported by upbeat earnings figures from US tech giants.

As of writing, the S&P 500 was up 0.2% on the day at 3,252, the Dow Jones Industrial Average was flat at 26,298 and the Nasdaq Composite was rising 1.07% at 10,830. On a monthly basis, the S&P 500 is up nearly 5% and remains on track to finish the fourth straight month in the positive territory.

Facebook (FB), Apple Inc (AAPL) and Amazon.com Inc (AMZN) shares are up between 4.6% and 7.7% on Friday boosted by upbeat second-quarter earnings figures.

Among the 11 major S&P 500 sectors, the Consumer Discretionary Index and the Technology Index both gain more than 1% as the top performers. On the other hand, falling crude oil prices continue to weigh on energy shares. At the moment, the Energy Index is down 1.4%.

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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