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.

A pedestrian passes in front of the Nasdaq MarketSite in the Times Square neighborhood of New York, U.S., on Monday, July 20, 2020. (Photo: CFP)

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.