Wall Street opens sharply lower dragged by technology

• CBOE Volatility Index rises more than 7% on Monday.
• Risk-sensitive technology shares suffer heavy losses to weigh on major indexes.

Major equity indexes in the United States started the day deep in the negative territory as hopes of multiple Fed rate cuts in the remainder of the year amid upbeat jobs data fade away to weigh on the sentiment. The CBOE Volatility Index, Wall Street's fear gauge, is up more than 7% on the day to confirm the sour market sentiment.

As of writing, the Dow Jones Industrial Average was losing 0.6% on the day while the S&P 500 and the Nasdaq Composite were erasing 0.55% and 1.05%, respectively.

Among the 11 major S&P 500 sectors, the risk-sensitive Technology and Communication Services indexes are down 1.1% and 0.9% on the day, respectively. On the flip side, the defensive sectors, Utilities, Real Estate, and Consumer Staples post modest gains in the early trading hours of the session.