S&P 500 Index opens sharply higher fueled by surging energy stocks

• Wall Street's main indexes started the new week on a firm footing.
• S&P 500 Energy Index is rising sharply on soaring crude oil prices.
• Defensive sectors trade in the negative territory on Monday.

Major equity indexes in the US opened decisively higher on Monday boosted by risk flows. As of writing, the S&P 500 Index was up 0.93% on the day at 3,380, the Dow Jones Industrial Average was gaining 0.95% at 27,945 and the Nasdaq Composite was rising 1.2% at 11,206.

Among the 11 major S&P 500 sectors, the Energy Index is up 1.5% at the start of the week supported by a sharp upsurge witnessed in crude oil prices. At the moment, the barrel of West Texas Intermediate is up 4.75% on a daily basis at $38.78.

On the other hand, the defensive sectors, the Utilities Index and the Real Estate ındex, trade in the negative territory.

Earlier in the day, White House Chief of Staff Mark Meadows said that there was potential for a COVID-19 aid deal and helped market sentiment improve further. Additionally, Meadows noted that US President Donald Trump's condition was improving. However, it's still unclear if doctors will allow Trump to be discharged from the hospital on Monday.

S&P 500 chart (daily)