Following the long weekend, major equity indexes opened sharply higher on Tuesday. As of writing, the S&P 500 Index was up 0.5% on the day at 4,225, the Dow Jones Industrial Average was rising 0.65% at 34,750 and the Nasdaq Composite was gaining 0.5% at 13,754. Among the 11 major S&P 500 sectors, the Energy Index is rising more than 3% supported by soaring crude oil prices.
At the moment, the barrel of West Texas Intermediate (WTI) is trading at its highest level since October 2018 at $68.55, gaining 2.55% on a daily basis. On the other hand, defensive sectors, Utilities, and Healthcare, trade in the negative territory after the opening bell. Later in the session, the ISM's Manufacturing PMI report for May will be looked upon for fresh impetus.