S&P 500 Index opens deep in the red, touches two-month lows

• Wall Street's main indexes opened sharply lower on Monday.
• Energy and financial stocks suffer heavy losses after opening bell.
• S&P 500 Index Utilities Index posts modest gains.

Major equity indexes in the US opened deep in the negative territory on Monday pressured by safe-haven flows amid the Evergrande crisis in China. As of writing, the S&P 500 was trading at its lowest level in two months at 4,368, losing 1.45% on a daily basis. The Dow Jones Industrial Average was down 1.55% at 34,044 and the Nasdaq Composite was falling 1.7% at 14,790.

Among the 11 major S&P 500 sectors, the Energy Index is down 3.2% after the opening bell, dragged lower by a 1.6% decline seen in US crude oil prices. Additionally, the Financials Index is losing 2.2% due to the more-than-2% drop in the benchmark 10-year US Treasury bond yield.

On the other hand, the defensive Utilities Index is the only major sector staying afloat in the positive territory in the early trade.

Wake Up Wall Street (SPY) (QQQ): Seat buckles fastened, tray tables in their upright position.

S&P 500 chart (daily)