S&P 500 Index posts small losses near 3,500 following last week’s impressive rally

• Wall Street’s main indexes started the week on a mixed note.
• S&P 500 Index struggles to push higher above 3,500.
• Energy shares underperform in early trade on Monday.

The S&P 500 Index, which gained 3.25% last week, opened flat on Monday and was last seen posting small daily losses at 3,501. Meanwhile, the Dow Jones Industrial Average is down 0.57% on the day at 28,487 and the Nasdaq Composite is gaining 0.45% at 12,050.

In August, the S&P 500 is up more than 7% and profit-taking on the last day of the month could make it difficult for Wall Street’s main indexes to continue to push higher.

Among the 11 major S&P 500 sectors, the Utilities Index is up 0.5% in the early trade. On the other hand, the Energy Index is down 1.85%. Meanwhile, the rate-sensitive Financials Index is losing around 1% pressured by a 1.5% decline in the 10-year US Treasury bond yield.

There won’t be any significant macroeconomic data releases from the US in the remainder of the day and the market action is likely to remain choppy.

S&P 500 chart (daily)