US OPEN: Wall Street opens higher despite disappointing GDP growth

• US GDP growth well below market forecasts
• Facebook (FB.US) warns of significant growth slowdown
• Amazon (AMZN.US) to report earnings after session close
• Robinhood is making its long-awaited public market debut

US indices launched today's session higher despite the fact that economic data showed the US economic growth in the second quarter came in weaker than expected while weekly jobless claims fell less than forecast. Yesterday stock indexes rose slightly after the Federal Reserve said that the economic recovery is on track despite a rise in COVID-19 infections and that the central bank is in no rush to withdraw stimulus. Focus later in the day will be on shares of Robinhood Markets Inc, which is scheduled to start trading on Nasdaq under the ticker "HOOD" after the company raised $2.1 billion in its initial public offering on Wednesday.

US2000 rose sharply yesterday as investors digested the latest Fed monetary policy statement. Index bounced off the 50 SMA (green line) and is heading towards major resistance at 2258 pts which is marked with upper limit of the 1:1 structure, 38.2 Fibonacci retracement of the recent upward wave and 200 SMA (red line). On the other hand, if sellers manage to halt advances, then another downward impulse may be launched towards support at 2160 pts. Source: xStation5

Facebook (FB.US) stock fell nearly 4% in premarket after the social media giant reported Q2 EPS at $3.61 (exp. $3.03) and revenue at $29.08 billion (exp. $27.89). Number of daily active users remained unchanged at 1.91 billion while the number of monthly active users dropped from 2.91 to 2.90 billion, as expected. The company said revenue growth will slow during the second half of the year as a change in Apple’s (AAPL.US) privacy policies will hurt Facebook’s ability to target ads.

Facebook (FB.US) stock pulled back from all-time high at $378.00 and launched today’s session with a bearish price gap. Stock is heading towards major support zone around $354.00 which is marked with lower limit of the ascending channel and 23.6 Fibonacci retracement. Should break lower occur, then downward move may accelerate towards next support at $328.25. Source: xStation5

Comcast (CMCSA.US) stock rose nearly 2.0% in the premarket after the telecommunications company reported strong quarterly figures. Company earned 84 cents per share, well above analysts' expectations of 67 cents. Revenue also topped market estimates, helped by a rebound in ad sales and a reopening of theme parks.

Merck (MRK.US) stock fell nearly 2% in premarket after the drug maker posted mixed quarterly results. Company earned  $1.31 per share, in line with market estimates. Revenue came in above expectations. Sales of cancer drug Keytruda increased by 23%, in line with expectations. 

Yum Brands (YUM.US) stock rose more than 2% in premarket after the owner of KFC, Taco Bell and Pizza Hut brands posted upbeat quarterly figures. Company earned 1.16 per share, beating analysts' estimates by 20 cents. Revenue also topped market projections thanks to restaurant reopening and ongoing strong demand in online orders. 

Ford (F.US) shares surged 4% in premarket after the car producer posted surprisingly strong quarterly figures. Ford earned 13 cents per share while analysts expected a loss of 3 cents per share, due in large part to a chip shortage crimping production. However, company expects that situation will improve in the second half of 2021, and it raised its full-year guidance. 

PayPal (PYPL.US) fell more than 5.5% in premarket after the company posted mixed quarterly figures. Earnings of $1.15 per share slightly beat market estimates while revenue came in line with analyst expectations. However, selling pressure intensified after PayPal provided a lower-than-expected outlook, as former PayPal parent eBay (EBAY.US) continues its transition to its own payment platform.