Wall Street opens higher as tech sector rebounds

US stock indices opened higher on Monday, with Dow Jones marking fresh record highs, as the tech sector rebounded after sharp declines last week that weighed heavily on Wall Street, due to warnings from Goldman Sachs about the tech sector's overpriced values. 

Earlier from the US, Federal Reserve Bank of New York President William Dudley spoke at the North Country Chamber of Commerce, in Plattsburgh, pointing to the brisk gains in wages and inflation, and saying the current economic conditions are better, as inflation and unemployment levels near the targets. 

Dudley cautioned there's still a long road for full recovery, adding that confidence levels are high now and the US economy is almost at full employment, as wage increases go along with productivity levels, while the improvement in hiring rates will ensure gradually increasing wages, and warning that slow interest rates hikes could push the economy into recession. 

Last week, the Federal Open Market Committee voted to increase interest rates by 25 basis points for the second time this year, while downgrading their projections for unemployment and inflation and keeping their growth forecasts intact, as the Fed announced its plan to normalize the balance sheet later this year and trim it down from its current $4.5 trillion levels. 

 As of 03:45 GMT, Standard and Poor's 500 rose 0.67%, or 16.35 points to 2,449.50, while Dow Jones climbed 0.47%, or 99.92 points to 21,484.20. 

Tech-heavy NASDAQ surged 1.21%, or 74.02 points to 6,225.86.