US OPEN: Wall Street opens higher after upbeat jobless claims data

• S&P 500 hit new all-time high
• US jobless claims fell more than expected
• Hormel (HRL.US) disappointed with its full-year outlook

US indices launched today's session higher, with S&P 500 at new all-time high, following upbeat macroeconomic data. Initial jobless claims fell  to a new post-pandemic low of 340K and exports increased 1.3% in July. Investors now focus on tomorrow’s NFP report  which could seriously affect the FED's decision to start the tapering process. Yesterday's ADP reading, which is often treated as a hint ahead of the NFP report,  showed the US private sector created much less jobs than expected in August.

US2000 launched today’s session higher and is testing strong resistance at 2300 pts which is marked with previous price reactions. Should a break higher occur, then the next target for bulls is located at 2350 pts. However, if sellers manage to regain control, then a downward move towards major support at 2210 pts may be launched. Source: xStation5

Company news:

Hormel (HRL.US) stock fell over 3% in premarket despite solid quarterly figures. Food producer earned 39 cents per share, which came in line with analysts' estimates. Revenue beat market expectations. However, the company provided a disappointing full-year guidance, noting the impact of higher costs, although it said price hikes and cost cuts should help its margins moving forward.

Hormel (HRL.US) stock launched today’s session with a bearish price gap and is approaching the lower limit of the descending channel which coincides with support at $43.45 where January’s lows are located. Should break lower occur, then downward correction may accelerate. On the other hand, if buyers manage to regain control, then another upward impulse may be launched towards resistance at $45.80. Source: xStation5

Signet Jewelers (SIG.US) rose more than 5% in premarket after the jewelry retailer earned $3.57 per share in the latest quarter, beating market projections of $1.69. Revenue also topped analysts’ estimates. Comparable store sales nearly doubled and the company also raised its full-year outlook.

ChargePoint (CHPT.US) stock jumped 15% in premarket after the EV-charging infrastructure company posted upbeat quarterly results and  lifted its full year outlook as EV expansion in Europe and the U.S. advanced faster than expected in Q2.

Five Below (FIVE.US) stock fell nearly 9% in the premarket after the discount retailer posted mixed quarterly figures. Company earned $1.15 per share, above analysts’ expectations of $1.11 per share, however revenue figures disappointed. Also the company did not provide sales or earnings guidance for the full year due to uncertainties surrounding Covid-19.