Wall Street opens sharply lower following yesterday's impressive rally
After posting their largest daily percentage gains of all time, the three major equity indexes in the U.S. started the day sharply lower on Thursday. Minutes after the opening bell, the Dow Jones Industrial Average and the S&P 500 were both down 1.3% on the day while the Nasdaq Composite was losing 1.4%.
Within 11 major S&P 500 sectors, the utilities is the only sector that stays in the positive territory. Among losers, energy and industrials are down 1.8% and 1.7%, respectively. Technology and communication services are both losing around 1.5%.
The positive mood surrounding the equity markets seems to have deteriorated on Thursday. Although there were no clear fundamental drivers behind today's dismal opening performance, a more than 1.5% drop witnessed in the 10-year T-bond yield might have revived fears of an economic slowdown in the United States. As we approach the new year break, choppy trading action could be seen in Wall Street amid year-end flows.