S&P 500 opens modestly higher supported by rising energy stocks

• Major equity indexes opened little changed on Wednesday.
• S&P 500 Energy Index gains more than 1%.
• Defensive sectors post modest losses in the early trade.

Wall Street's main indexes opened modestly higher on Wednesday as investors seem to be staying on the sidelines while waiting for fresh developments surrounding the US stimulus talks. As of writing, the S&P 500 was up 0.4% on the day at 3,526, the Dow Jones Industrial Average was gaining 0.28% at 28,759 and the Nasdaq Composite was rising 0.6% at 12,155.

Among the 11 major S&P 500 sectors, the Energy Index is up 1.5% as the top performer in the early trade supported by a 2% gain in US crude oil prices. On the other hand, the defensive sectors, Real Estate and Healthcare, post small losses after the opening bell.

Later in the day, the Monthly Budget Statement will be released by the US Financial Management Service but this report is unlikely to have a significant impact on market sentiment.

S&P 500 chart (daily)