US OPEN: Wall Street opens higher on upbeat corporate earnings

• Big earnings reports kick off
• Stimulus concerns weigh on risk sentiment
• General Electric (GE.US) shares rose 9% despite mixed Q4 figures

US indices launched today's session slightly higher as investors' attention turns to corporate earnings. J&J, 3M, American Express and Verizon surprised on the upside while General Electric reported mixed figures. Microsoft, Advanced Micro Devices and Starbucks  stocks rose slightly in pre-market ahead of their earnings reports expected after markets close. Still, the gains are capped by concerns over the $1.9 trillion stimulus plan. Senate Majority Leader Chuck Schumer said that an aid bill is unlikely before mid-March. Also, the two-day Fed monetary policy meeting kicks-off today. No major changes are expected in the central bank's policy statement which will be published tomorrow, with Fed Chair Jerome Powell likely to address inflation in his post-meeting news conference. 

US30 - yesterday index broke below the lower limit of the ascending channel, however sellers failed to uphold momentum and price bounced off the support at 30,350 pts and is currently approaching earlier broken trendline which coincides with resistance at 31,150 pts where all-time highs are located. If break above occurs then upward move could be extended towards the upper limit of the channel. On the other hand, failure to break high could see the index pull back towards the aforementioned  support at 30,350 pts. Source: xStation5

General Electric (GE.US) stock surged nearly 10% in the pre-market after its fourth-quarter earnings report showed better-than-expected cash flow for the industrial conglomerate. Company’s earnings, however, were a penny below the 8 cents per share estimate, but revenue came in above market expectations.

General Electric (GE.US) stock launched today’s session with a bullish price gap and is currently testing  local resistance at $12.00 where this month’s highs are located. If the current sentiment prevails, upward move could be extended to the $13.30 level. However if sellers manage to regain control, the downward correction may start. The nearest support for buyers lies at the $10.85 level and is additionally strengthened by 50 SMA (green line). Source: xStation5

GameStop Corp (GME.US) continues to move higher, climbing as much as 30% from Monday’s close as bullish day traders kept the upper hand over short sellers. Stock briefly touched a record high of $159.65, and has more than quadrupled this month.

American Express (AXP.US) posted quarterly earnings of $1.76 per share, compared to analysts' expectations of $1.31 a share. Revenue came in line with market projections.  The financial services giant figures suffered due to a lower spending in travel and entertainment sectors, although higher online spending helped offset that slide.

Johnson & Johnson (JNJ.US) earned $1.86 per share  compare to analysts' expectations of $1.82 per share. Revenue also beat Wall Street estimates. The pharmaceutical and consumer health products maker also provided optimistic guidance for t 2021. 

3M (MMM.US) beat estimates by 23 cents a share, with quarterly earnings of $2.38 per share. Revenue came in above estimates, thanks to high demand for the company's health-care products.

Verizon (VZ.US) reported quarterly earnings of $1.21 per share, 4 cents a share ahead of estimates. Revenue also beat market expectations. However, company recorded a lower-than-expected increase in the number of paying phone subscribers.