S&P 500 Index opens higher, energy stocks post strong gains

• Wall Street's main indexes trade in the positive territory.
• Energy shares surge higher following last week's slump.
• Defensive sectors remain on the back foot on Monday.

Major equity indexes in the US started the new week on a strong note amid improving market mood. As of writing, the S&P 500 was up 0.6% on the day at 4,467, the Dow Jones Industrial Average was rising 0.65% at 35,344 and the Nasdaq Composite was gaining 0.7% at 14,817.

Among the 11 major S&P 500 sectors, the Energy Index, which suffered heavy losses due to slumping crude oil prices last week, is up 2.7% after the opening bell. On the other hand, the defensive Utilities Index is down 0.25%.

Later in the session, the IHS Markit's preliminary Manufacturing and Services PMI data for August will be looked upon for fresh impetus. Earlier in the day, the Federal Reserve Bank of Chicago announced that its National Activity Index improved to 0.53 in July from -0.01 in June.

S&P 500 chart (daily)