US OPEN: Wall Street erases early gains

• US stocks launched session slightly higher
• US factory orders beat forecasts
• Clorox (CLX.US) stock plunges due to weak quarterly figures

US stocks launched today's session slightly higher however gains were quickly erased. Both the Dow Jones and the S&P 500 retreated from their all-time highs as upbeat corporate results and prospects of more fiscal stimulus failed to lift market sentiment for long. Also rising number of COVID-19 cases in the US and China weighed on sentiment as many investors fear that the world's two largest economies could implement new lockdowns.  The 10-year Treasury yield is trading near 1.18%, after falling back to near 5-month lows during yesterday's session.

US100 has been trading in a local sideways move recently. During today’s session buyers struggle to break above the upper limit of the triangle formation. As long as the price sits below it, a deeper downward correction may occur. In such a scenario, the next important support to watch lies at 14,670 pts and 14,450 pts, where the previous price reactions are located. On the other hand, should a break higher occur, then the all-time high at 15,132 pts may be at risk. Source: xStation5

Clorox (CLX.US) shares plunged nearly 9% in premarket after the household products maker posted weak quarterly figures. The household business reported an 8% drop in sales, while total net sales fell to $1.80 billion from $1.98 billion, missing expectations of $1.92 billion. Clorox also took a hit from rising commodity costs, with adjusted earnings of 95 cents per share missing expectations of $1.35 per share.

Clorox (CLX.US) stock launched today’s session sharply lower following disappointing quarterly figures. Price broke below major support at $167.00 which now acts as resistance. This level is strengthened by 200 SMA ( red line) and 61.8 Fibonacci retracement of the last upward wave. If current sentiment prevails then downward move may be extended to the support at $140.00 which coincides with 78.6 Fibonacci retracement. Source: xStation5

Under Armour (UAA.US) stock rose more than 4.0% in the premarket, after the athletic apparel maker posted quarterly earnings of 24 cents per share, which came in well above analysts' estimates of 6 cents a share. Revenue also topped market expectations and the company lifted its full-year guidance. 

Translate Bio (TBIO.US) stock surged nearly 30% in premarket after biotech company which specializes in mRNA technology, the type that was used to produce the Pfizer and Moderna Covid-19 vaccines will be bought by French drugmaker Sanofi (SNY.US) for $3.2 billion, or $38 per share in cash.

Marriott (MAR.US) stock rose nearly 2.0% in premarket following upbeat quarterly figures. The hotel operator earned 79 cents per share, while analysts' expected earnings of 45 cents a share. Revenue more than doubled from a year ago thanks to a rebound in travel demand.

BP (BP.US) shares jumped more than 6.0% in premarket after the oil giant posted strong quarterly profit and revenue, thanks to higher oil and gas prices. BP will also increase dividend by 4% and increase its share buyback program.