S&P 500 Index opens decisively higher following last week's slump

• Wall Street's main indexes post strong gains on Monday.
• All major sectors of S&P 500 trade in the positive territory.
• Energy and financial stocks lead the rally after the opening bell.

After suffering heavy losses last week, major equity indexes started March on a firm footing. As of writing, the S&P 500 Index was up 1.5% on the day at 3,870, the Dow Jones Industrial Average was rising 1.55% at 31,408 and the Nasdaq Composite was gaining 1.45% at 13,096.

Reflecting the positive shift in market sentiment, the CBOE Volatility Index (VIX), Wall Street's fear gauge, is down nearly 13% on Monday.

All major sectors of the S&P 500 trade in the positive territory after the opening bell. The Energy Index and the Financials Index both gain more than 2% to lead the rally. On the other hand, the Communication Services Index is the underperformer, rising 1% after the opening bell. 

Later in the session, the ISM Manufacturing PMI will be watched closely by market participants.

S&P 500 chart (daily)