Wall Street opens modestly lower following 2-day rally

• Energy shares continue to outperform boosted by rising crude oil prices.
• Technology shares slide as Huawei ban hurts chipmakers.
• Major equity indexes remain on track to post strong weekly gains.

Major equity indexes in the U.S. started the day with modest losses on Friday following the 2-day rally that was fueled by the rate cut expectations amid the dovish shift in the FOMC's policy statement on Wednesday. As of writing, the Dow Jones Industrial Average was virtually unchanged on the day at 26,750 points while the S&P 500 and the Nasdaq Composite were erasing 0.1% and 0.18% respectively. Despite the negative start to the day, these three major indexes remain on track to post strong gains on the weekly chart.

Among the 11 major S&P 500 sectors, supported by the rising crude oil prices amid the heightened tensions in the Middle East, the Energy Index adds 0.85% to lead the winners. On the other hand, the Real Estate Index drops 1.2% as the worst performing sector.

Meanwhile, with JP Morgan cutting its estimates for the chipmaker Micron Technology on Huawei ban weighed on the Technology Index in the early trade, which was last seen losing 0.3% on the day.