NEW YORK, July 27 (Xinhua) -- Wall Street's major averages opened mixed on Monday as major tech shares rallied, but the gains were capped as coronavirus cases continued to hike in the United States.

Shortly after the opening bell, the Dow Jones Industrial Average fell 21.91 points, or 0.08 percent, to 26,447.98. The S&P 500 was up 2.78 points, or 0.09 percent, to 3,218.41. The Nasdaq Composite Index increased 63.81 points, or 0.62 percent, to 10,426.99.

Shares of U.S. tech giants, the so-called FAANG group of Facebook, Apple, Amazon, Netflix and Google-parent Alphabet, all traded on an upbeat note.

The S&P 500 technology sector rose more than 1 percent in morning trading, outpacing the rest. Financials, however, dipped 1.5 percent, the worst-performing group.

Wall Street is bracing for a busy week with a big wave of earnings reports, including quarterly results from Apple, Amazon and Alphabet.

Meanwhile, investors remained cautious as they were worried that a continued spike in U.S. coronavirus infections would threaten the country's economic recovery.

More than 4.2 million confirmed COVID-19 cases have been reported in the United States, with roughly 147,000 deaths, as of Monday morning local time, according to a tally by Johns Hopkins University.

U.S. equities declined for the week ending Friday that saw the Dow slide 0.8 percent, the S&P 500 sink 0.3 percent, and the Nasdaq lose 1.3 percent. Enditem

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