US OPEN: Technology companies under pressure at the start of today's session

• Technology companies are losing at the start of today's session

• 10-year Treasury yields are up 1.4% ahead of tomorrow's CPI reading

• Huge volatility on Novavax (NVAX.US) and GoodRx (GDRX.US)

• Berkshire Hathaway (BRKB.US) had increased its stake in Occidental Petroleum (OXY.US)

Today's trading session on Wall Street began with declines in most benchmarks.  The macro calendar is empty today, and the only reading of interest to investors is US crude inventories according to the API (9:40 pm BST).

 Wall Street index quotes. Source: Bloomberg

Compiled charts of the US100 and VIX index on the D1 interval. The benchmark of technology companies starts today's session with declines. The VIX fear index is up nearly 2% today. Source: xStation 5  

News:

Shares of vaccine maker Novavax (NVAX.US) are trading more than 30% lower. The company lowered forecasts and delivered a quarterly report below analysts' expectations. Shares of other vaccine makers are falling today, including Moderna (MRNA.US), BioNTech (BNTX.US) and Pfizer (PFE.US).  The company's management halved its annual revenue forecast, taking the market by a massive surprise. The company first estimated revenues for 2022 in the vicinity of $4 billion to $5 billion, in the report it said it would be between $2 billion and $2.3 billion.

Revenues: $185 million vs. estimated $1.02 billion

EPS: loss - $6.53 in Q2 vs. - $4.75 in Q2 2021 and $5.54 estimated profit (Bloomberg Consensus) 

Research expenses: $290 million vs. $571 million in Q2 2021

GoodRx (GDRX.US) shares are gaining nearly 40% early in today's session following the release of better-than-expected quarterly results and the announcement that a dispute between pharmacy benefit management clients and Kroger grocery store has been resolved. Total revenues reached $191.8 million, up 8.6% year-on-year. Analyst consensus was for $184.9 million. Adjusted EBITDA came in at $47.2 million against forecasts of $34.8 billion.

In response to the company's results, many institutions raised forecasts for the company's shares. Source: Bloomberg

Berkshire Hathaway (BRKB.US) increased its stake in Occidental Petroleum (OXY.US) to 20.2% (188 million shares). Warren Buffet's company has already invested more than $9 billion in the energy company. Keep in mind that with the achievement of 20% ownership, the company has the option to show its proportionate share of Occidental's profits as its own using the equity method, as is the case with Kraft Heinz (KHC.US).

Information from companies in the S&P500 (US500) index. Source: Bloomberg