US OPEN: Wall Street mixed ahead of FOMC decision

• FOMC decision and economic forecasts in the evening
• US 10-year Treasury yield hit a 13-month high
• Uber (UBER.US) to classify its U.K. drivers as full-time employees

US indices launched today’s session in mixed moods ahead of the highly anticipated FOMC decision and Chair Powell press conference. Fed officials are seen leaving the federal funds rate and asset purchases unchanged but investors will focus on new economic projections and any comments regarding rising Treasury yields and inflation expectations. Today the 10-year Treasury yield jumped above  1.67% and reached a new 13-month high. The 30-year rate rose to 2.428%, level not seen since November 2019. On the data front building permits fell 10.8 % from a month earlier to 1.682 million in February, down from the previous month's 15-year high of 1.886 million and below analysts' estimates of 1.75 million. Housing starts in the dropped 10.3 % MoM  to 1.421 million in February, which is the lowest reading in six months and well below market expectations of 1.56 million.

US100 broke below the lower limit of the rising wedge pattern and is currently testing local support at 13,046 pts. In case the current sentiment prevails, downward move may accelerate towards support at 12,755 pts. On the other hand, if buyers will manage to regain control, then local resistance at 13,270 pts may be at risk. Source: xStation5 

Uber Technologies (UBER.US) shares fell more than 2.0% in premarket after the ride-hailing service lost the final appeal regarding the classification of drivers. Uber will have to grant its drivers in the UK employment status that entitles them to holiday pay and pension contributions.

Uber (UBER.US) – yesterday stock broke below the lower limit of the ascending channel. Today, one can see that the downward move is being continued after the US open. The nearest support lies at $55.12 and coincides with 50 SMA ( green line) and 200 SMA (red line).  If sellers will manage to break lower, then next support is the neckline of the potential head and shoulders formation. On the other hand, if buyers will manage to regain control, then the nearest resistance to watch lies at $60.75. Source: xStation5

Lennar (LEN.US) stock rose 1% in premarket after homebuilder reported upbeat quarterly figures. Company earned $2.04 per share, well above analysts’ expectations of $1.71 a share. Revenue also came in above market forecasts. Lennar said that demand remains strong despite a recent rise in rates. 

Tesla (TSLA.US) stock fell 3.2% in premarket as investors begin to worry about rising competition, higher interest rates and valuation. Yesterday Volkswagen announced plans to sell 1 million electric cars in 2021, while BMW expects at least half of its sales to be zero emission vehicles by 2030. Meanwhile Honda introduced a new sedan with level-3 autonomous driving.

Coupa Software (COUP.US) stock jumped 2% in premarket  after the company posted better than expected quarterly figures. The provider of financial management software earned 17 cents per share for its latest quarter, well above market estimates of 11 cents per share loss. Revenue also beat expectations despite a difficult macroeconomic environment. 

CrowdStrike (CRWD.US) stock rose nearly 5% in premarket after the security software company's quarterly results surprised on the upside. Company earned 13 cents per share while analysts expected earnings of 8 cents per share. Revenue beat market projections as well. CrowdStrike also provided an upbeat outlook.