Wall Street opens mixed, falling tech shares weigh on Nasdaq

27 May 2020, 14:02 by Eren Sengezer

Major equity indexes in US open mixed on Wednesday.
S&P 500 Financials Index gains more than 3%.
Technology shares underperform and hurt tech-heavy Nasdaq Composite.

Following Tuesday's impressive rally, Wall Street's main indexes started the day on a mixed tone on Wednesday. As of writing, the Dow Jones Industrial Average and the S&P 500 were up 1.12% and 0.5%, respectively, while the Nasdaq Composite was down 0.95%.

Tech shares underperform

Although optimism about the reopening of the economy helps the market sentiment remain upbeat, investors might look to move to the sidelines amid heightened US-China tensions.

Among the 11 major S&P 500 sectors, the Financials Index is up 3.1% in the early trade as the top-performer. On the other hand, the Technology Index is down 1.09%.

Earlier in the day, US President Donald Trump threatened to strongly regulate or even shut down social media platforms and accused them of silencing conservative voices. Pressured by this development, Twitter Inc (TWTR) and Facebook Inc shares are down 3% and 2.5%, respectively, on the day.