• SP 500 Index extends slide toward 3,200 on Friday

    • S&P 500 opened lower on Friday after Thursday’s slump.
    • Technology shares continue to suffer heavy losses amid risk aversion.
    • Defensive sectors post modest daily gains in early trade.

    Major equity indexes closed deep in the negative territory on Thursday and opened lower on Friday pressured by risk aversion. As of writing, the S&P 500 Index was down 0.6% on the day at 3,215, the Dow Jones Industrial Average was losing 0.58% at 26,498 and the Nasdaq Composite was falling 1.66% at 10,395. 

    Heightened US-China geopolitical tensions following China’s decision to shut down the US consulate in Chengdu and signs of a sluggish economic recovery weigh on market sentiment. At the moment, the CBOE Volatility Index (VIX), Wall Street’s fear gauge, is up 5.02% on the day.

    Among the 11 major S&P 500 sectors, the risk-sensitive Technology Index is down 2.17% on the day as the worst-performer. On the other hand, defensive sectors, Utilities and Consumer Staples, are posting small daily gains. 

    S&P 500 chart (daily)

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