US OPEN: Wall Street opens higher lifted by upbeat earnings

• US indices launched today's cash trading higher
• Claims fell unexpectedly
• US GDP revised lower in Q4 
• Nvidia and Alibaba posted better than expected quarterly results
• Etsy (ETSY.US) stock plunges despite upbeat financial outlook

Three major Wall Street indices launched today's session in green, with Dow Jones trading 0.50% higher, while S&P 500 and Nasdaq rose 0.80% and 1.0% respectively, boosted by upbeat quarterly results from Nvidia and Alibaba. Traders also digested latest FOMC minutes which showed that some policymakers favored a 50 bps hike in February and warned that the tightening cycle is not over as inflation risks remain tilted to the upside. On the data front the core PCE price index was revised to show a softer slowdown than previously anticipated in the fourth quarter, while initial jobless claims unexpectedly fell and furthered evidence of a tight labor market. Still, downward revisions to the US GDPprovided some fuel for bulls.

S&P 500 index stocks categorized by sectors and industries. Size represents market cap. Source: xStation5

Yesterday's FOMC minutes were perceived as slightly hawkish, nevertheless US100 managed to stay above key support at 12000 pts, which coincides with 200 SMA (red line) and upbeat moods can be spotted today. As long as price sits above the aforementioned support another upward move may be launched towards the key resistance zone around 13000 pts,  which coincides with 38.2% Fibonacci retracement of the upward wave launched in March 2020. On the other hand, if the seller managed to regain control, another downward wave may be launched towards support around 11500 pts. Source: xStation5

Company news:

Etsy (ETSY.US) stock surged nearly 5.0% in premarket after the e-commerce company reported better than expected quarterly figures. Revenue of $807 million, topped market expectations of $752 million. The company also issued an upbeat financial outlook for the current quarter, however all gains have been wiped out after the start of the North American session.

Etsy (ETSY.US) stock launched today's session with a bullish price gap, however buyers failed to uphold momentum and price pulled back to local support at $126.25. Should break lower occur, downward move may deepen towards crucial support at $118.90, which is marked with lower limit of the 1:1 structure and 50.0% Fibonacci retracement of the last upward wave. Source: xStation5

Moderna (MRNA.US) stock  fell nearly 5.0% in premarket after the drugmaker reported quarterly earnings of $3.61 per share, a 68% decrease from the same period in 2021 and below expectations of $4.68 a share.

Nvidia (NVDA.US) shares jumped 10% in premarket after the chipmaker posted better than expected quarterly results and issued  upbeat financial results. Company forecasts rising demand for its chips from data centers that it sees using the new generation of AI.

Dollar General (DG.US) stock dropped nearly 5% before the opening bell after the discount retailer reported weak Q4 results as heavy discounts and higher costs negatively impacted its revenue.

eBay (EBAY.US) stock dropped over 5.0% in off-hours trading as weak financial outlook overshadowed upbeat quarterly results. The online auction platform warned that demand was set to slump in the first half of this year, after reporting a fall in holiday-quarter earnings due to reduced consumer spending.