S&P 500 Index opens sharply lower, tests 3,800

• Major equity indexes in US started the day with large losses.
• All major sectors of S&P 500 trade in the negative territory.
• Investors await FOMC Chairman Jerome Powell's remarks on policy outlook.

Wall Street's main indexes opened significantly lower on Wednesday as safe-haven flows continue to dominate financial markets. As of writing, the Dow Jones Industrial Average was down 1.12% on the day at 30,580, the S&P 500 was losing 1.38% at 3,797 and the Nasdaq Composite was falling 1.4% at 13,300.

Mirroring the dismal market mood, the CBOE Volatility Index (VIX), Wall Street's fear gauge, is up nearly 19% on a daily basis.

All major sectors of the S&P 500 trade in the negative territory after the opening bell with the Materials Index losing 2.8% as the biggest percentage decliner.

Earlier in the day, Boeing announced that it suffered a record $11.9 billion net loss in 2020. On a positive noted, Microsoft and Starbucks both reported stronger-than-expected earnings. After the closing bell, Apple, Tesla and Facebook are scheduled to release their quarterly earnings figures.

S&P 500 chart (daily)