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US stocks mixed during opening trade, tech sector outperform

US stocks mixed during opening trade, tech sector outperform

WASHINGTON: US stocks witnessed a mixed opening at the start of a new week, with technology shares flirting with modest gains. At the time of writing, the Dow Jones Industrial Average posted losses of 25-points and dropped to 21,389. Meanwhile, the broader S&P 500 Index treading water near Friday’s closing level around 2,425, helped by relatively outperformance by technology stocks, with the tech-heavy Nasdaq Composite Index posting minor gains of over 10-points to 6,163.

Investors’ attention remained glued to the prevalent volatility in the oil market, which drives appetite for riskier assets – like equities, and whether the ongoing rebound in technology sector could gain any follow through traction.  This week’s key events include the Fed Chair Janet Yellen’s testimony before the Congress on Wednesday and, important macro data – monthly retail sales and the latest CPI print on Friday. Meanwhile, earnings season gets underway on Thursday, with big banks reporting quarterly earnings reports on Friday and would provide some fresh impetus for the markets.