US OPEN: Wall Street opens in the red led by tech

• Cryptocurrency sell-off put pressure on Tech-stocks
• FOMC minutes in the spotlight 
• Target (TGT.US) earnings crushed estimates

US indices fell sharply at the beginning of today's session as massive selling returned to the tech sector amid a plunge in cryptocurrencies. Bitcoin plunged to near $30,000, continuing a major sell-off that began a week ago. Also concerns over rising inflation and coronavirus infections in some Asian countries also weighed on investors' mood. Meanwhile, traders await the FOMC minutes release later in the day for hints whether there was any discussion on timing of QE taper.

US100 fell sharply today and is testing major support at 13055 pts  which coincides with the long-term trendline and lower limit of the wedge formation. A break lower may lead to a bigger downward move. Next target for bears is located at 12755 pts support. On the other hand, if buyers will manage to halt declines here, then another upward impulse towards resistance at 13386 pts may be launched. Source: xStation5

Target (TGT.US) stock rose nearly 4% in premarket after the company posted better than expected quarterly figures. In the first quarter the company earned $3.69 per share, well above market expectations of $2.25 a share. Revenue also beat Wall Street estimates as comparable-store sales jumped nearly 23%.

Target (TGT.US) stock launched today’s session slightly higher and is approaching the upper limit of the triangle formation. Should break higher occur, then upward move may accelerate towards all-time high at $217.70. However, given the risk-off sentiment which prevails on the markets today, another downward move cannot be ruled out. In this scenario the nearest support lies at $201.52. Source: xStation5

Lowe’s (LOW.US) shares fell nearly 2.5% in premarket despite the fact that the home improvement retailer reported upbeat quarterly figures. Company earned $3.21 per share, well above analysts’ projections of $2.62 a share. Revenue also came in above forecasts, and same-store sales increased 24.4%.

Take-Two Interactive (TTWO.US) stock rose 2% in premarket after the company posted strong quarterly results. The video game maker earned 94 cents per share while analysts expected earnings of 67 cents a share. Revenue also topped expectations due increase in video game activity during the pandemic. Take-Two provided a weaker-than-expected forecast, as vaccine rollout prompts more people to leave their homes.

JD.com (JD.US) - The China-based e-commerce company posted upbeat earnings and revenue figures for the first quarter, with an expanded product lineup helping expand active customer accounts by 29% compared to a year earlier.