US OPEN: Tech stocks lead S&P 500, Nasdaq to new record highs

• S&P and Nasdaq hit new highs
• GDP data slightly below forecasts
• Ford Motor (F.US) stock under pressure despite upbeat quarterly figures
• Facebook (FB.US)  and Apple (AAPL.US) crushed expectations

US indices launched today's session sharply higher, with S&P 500 and Nasdaq both reaching new all-time highs as investors welcomed strong quarterly figures from tech giants. On the data front, US economy grew by an annualized 6.4% in Q1, following a 4.3% expansion in the previous quarter and slightly below market estimates of 6.5%. Meanwhile jobless claims decreased to 553k from an upwardly revised 566k in the previous week and slightly above market expectations of 549 thousand. On the earnings front, Amazon, Twitter, Nio, Mastercard Inc and Gilead Sciences Inc are expected to release the quarterly results after the market closes. Elsewhere, Fed Chair Powell maintained his dovish tone yesterday and repeated that it is still too early to discuss QE taper despite the improving economic outlook.

US2000 – yesterday buyers managed to break above major resistance at 2305 pts which opens the way towards all-time high at 2372.2 pts. On the other hand, if sellers will manage to regain control and break below the aforementioned 2305 pts level, which now acts as support, then downward move may be extended towards 2248 pts. Source: xStation5

Ford Motor (F.US) stock fell more than 4% in premarket despite the fact that company posted better than expected quarterly figures. Car manufacturer earned 89 cents per share, compared to analysts’ expectations of 21 cents a share. Revenue also beat markets estimates. Ford said a global chip shortage could ease this summer, but it could cut second-quarter production in half.

Ford Motor (F.US) – yesterday buyers managed to break above the downward trendline, however today stock launched the session with a bearish price gap. Currently stock is trading below major support at $12.05. Should current sentiment prevail, then downward move may be extended  to the next support at $11.72 or even $11.19 where April lows are located. On the other hand, if buyers will manage to regain control, then another upward impulse towards the aforementioned $12.05 level  could be launched. Source: xStation5

Facebook (FB.US) stock surged nearly 8% in premarket after the social media giant posted upbeat quarterly figures. Company earned $3.30 per share while analysts’ expected earnings of $2.34 per share. Revenue also beat market estimates as digital ad spending continued to surge amid the pandemic. However Facebook assumes that ad revenue may decline later this year, due to Apple’s new privacy policies that make ad targeting more difficult. 

Apple (AAPL.US) stock rose 3% in premarket after the iPhone maker reported quarterly earnings of $1.40 per share well above market expectations of 99 cents a share. Revenue also came in above Wall Street estimates, thanks to high demand for iPhones and other devices. Tech giant also increased planned stock buybacks by $90 billion and warned of a negative impact from the ongoing global chip shortage.

McDonald’s (MCD.US) posted quarterly earnings of  $1.92 per share which came in 11 cents a share above market consensus. Revenue also beat Wall Street projections, as the same-store sales in the US rose by 13.6%.