US OPEN: Wall Street on track for weekly gain

• NASDAQ 100 hits all-time high
• Mixed PMI figures
• Twitter (TWTR.US) stock rose on quarterly earnings

US indices launched today's session higher, attempting to post their fourth straight day of gains as investors focus on quarterly earnings. The Dow Jones Industrial Average gained 0.35%, S&P 500 rose 0.30% and Nasdaq Composite climbed about 0.25% and hit a new all-time high. All three major US stock indexes are on track to close the week in the green, erasing losses from a Monday sell-off prompted by inflation concerns, spread of coronavirus delta variant and slower global growth. Meanwhile the yield on the benchmark US 10-year Treasury note jumped to 1.3%, bouncing off the 5-month lows. On the data front, IHS Markit US Services PMI declined to 59.8 in July, from 64.6 in the previous month and well below analysts' estimates of 64.8, while Manufacturing PMI hit another record high of 63 in July.

US2000 fell sharply during yesterday’s session and is currently testing major support at 2206 pts which coincides with 50 SMA (green line) and 61.8 Fibonacci retracement of the recent upward wave.  Should break lower occur, then downward move may accelerate towards next support at 2160 pts. On the other hand, if buyers manage to halt declines, then another upward impulse towards resistance at 2258 pts may be launched. Source: xStation5

Twitter (TWTR.US) shares rose more than 4.0% in the premarket after the social media giant posted solid quarterly figures. Companymbeat estimates by 13 cents with adjusted quarterly profit of 20 cents per share. Revenue also beat market projections as ad sales jumped 87% compared to the same period last year. Twitter also provided optimistic current-quarter revenue forecast.

Twitter (TWTR.US) stock launched today’s session with a bullish price gap and broke above the upper limit of the triangle formation. As long as the price sits above it, upward move may accelerate towards resistance at $79.15. On the other hand, if sellers will manage to regain control, then nearest support at $66.20 may be at risk. Source: xStation5

Intel (INTC.US) stock fell more than 3.0% in premarket after one of the major chip makers reported adjusted quarterly earnings of $1.28 per share, well above analysts' expectations of $1.06. Revenue also topped  market estimates. However, the company released a disappointing forecast and also said the global chip shortage could last well into 2023. 

American Express (AXP.US) stock rose more than 3.0% after the company posted strong quarterly figures. Financial services company earned  $2.80 per share, well above analysts' expectations of $1.66. Revenue also topped market estimates partially thanks to release of credit reserves and increased spending on travel and entertainment.

Honeywell (HON.US) stock nearly 1% in premarket despite the fact that company posted upbeat quarterly figures. Multinational conglomerate company earned $2.02 per share while Wall Street expected earnings of $1.94 per share. Revenue also came in above forecasts, boosted by higher sales from areas hardest hit by the pandemic such as commercial aerospace. Company also lifted its full-year guidance.