S&P 500 Index opens lower following last week's rally
- Wall Street's main indexes are pushing lower on Monday.
- Rising crude oil prices continue to boost energy stocks.
- Industrial shares start the new week on the back foot.
Following last week's upsurge, major equity indexes in the US opened in the negative territory on Monday as the safe-haven flows dominate the financial markets. Reflecting the souring market mood, the CBOE Volatility Index is rising more than 8% on a daily basis at 17.72.
As of writing, the S&P 500 Index was down 0.5% on the day at 4,448, the Dow Jones Industrial Average was losing 0.7% at 35,035 and the Nasdaq Composite was falling 0.33% at 14,848.
Among the 11 major S&P 500 sectors, the Energy Index is up nearly 1% supported by rising crude oil prices. On the other hand, the Industrials Index is down 0.9%.
Earlier in the day, the data released by the US Federal Reserve showed that Industrial Production in the US contracted by 1.3% on a monthly basis in September. "The production of motor vehicles and parts fell 7.2%, as shortages of semiconductors continued to hobble operations," the Fed noted in its publication.
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.
