S&P 500 Index opens sharply higher on the back of surging tech stocks

• S&P 500 Index is posting strong gains on Tuesday.
• The S&P 500 Technology Index is rising more than 2%.
• Financial shares slide amid slumping Treasury bond yields.

Major equity indexes in the US started Tuesday with impressive gains following a choppy performance at the start of the week. As of writing, the S&P 500 Index was up 1.05% on the day at 3,862, the Dow Jones Industrial Average was gaining 0.3% at 31,898 and the Nasdaq Composite was rising 2.6% at 12,618.

Reflecting the positive shift in market sentiment, the CBOE Volatility Index (VIX), Wall Street's fear gauge, is done nearly 4% on the day.

Among the 11 major S&P 500 sectors, the Technology Index, which suffered heavy losses during last week's broad-based decline, is up 2.25% as the best performer in the early trade. On the other hand, pressured by a 4% drop in the 10-year US Treasury bond yields, the Financials Index is losing 1.6%.

Investors will be keeping a close eye on the US 3-year note auction at 1800 GMT.

S&P 500 chart (daily)