S&P 500 Index opens modestly lower amid falling tech stocks

• Wall Street's main indexes opened in the negative territory.
• Technology stocks underperform after the opening bell on Thursday.
• Financial shares post modest gains supported by rising US Treasury bond yields.

Major equity indexes in the US opened modestly lower on Thursday as investors look to book their profits in the absence of high-tier data releases and fundamental drivers. As of writing, the S&P 500 Index was down 0.15% on the day at 4,440, the Dow Jones Industrial Average was losing 0.05% at 35,463 and the Nasdaq Composite was falling 0.3% at 14,719.

Among the 11 major S&P 500 sectors, the Technology Index is losing 0.35% after the opening bell. On the other hand, the Fİnancials Index is posting modest gains supported by a 3% increase witnessed in the benchmark 10-year US Treasury bond yield.

Earlier in the day, the US Department of Labor announced that Initial Jobless Claims declined by 12,000 to 375,000 in the week ending August 7. Additionally, the Producer Price Index rose to 7.8% on a yearly basis in July from 7.3% in June. Nevertheless, these readings were largely ignored by market participants.

S&P 500 chart (daily)