US OPEN: Wall Street opens lower as yields spike

• 10-year Treasury yield hit fresh 14-month highs
• Tech stocks under pressure
• PayPal (PYPL.US) will allow US customers to use cryptocurrency at checkout

US indices launched today's session lower with contracts on the Dow Jones failing to extend previous session records amid soaring Treasury yields and stronger dollar. The 10 year Treasury yield jumped 6 basis points to top 1.77%, the highest level in 14 months. Higher yields put more pressure on tech-stocks as a result, the Nasdaq dropped 0.8%. Meanwhile, Archegos Capital Management remained in the spotlight after Japan’s largest bank, the Mitsubishi UFJ Financial Group, warned of a potential $300 million loss.

US100 broke below the 50 SMA (green line) and is testing lower limit of the triangle formation. If sellers will manage to break below it, then downward move may be extended to the 12755 pts handle.  On the other hand, breaking above the important resistance zone around 13046 pts which consists of the upper limit of the aforementioned triangle formation and 200 SMA (red line) may pave the way for a bigger upward impulse. Source: xStation5

PayPal Holdings (PYPL.US) stock rose nearly 1% in premarket after Reuters reported that the company will launch a checkout service which  will allow U.S. consumers to use their cryptocurrency holdings to pay at millions of its online merchants globally. Customers will be given the option of converting cryptocurrency to fiat currencies before they complete their purchases. 

PayPal Holdings (PYPL.US) stock launched today’s session slightly higher and is approaching the upper limit of the triangle formation which coincides with 50 SMA (green line). Should a break higher occur, then upward move may accelerate towards resistance at $255.27. On the other hand if sellers will manage to regain control and break below lower limit of the formation, then support at $220.00 could be at risk. Source: xStation5

Albertsons (ACI.US) will partner with Google that will integrate a variety of its services to enhance the shopping experience for the supermarket chain customers.

McCormick & Co (MKC.US) stock jumped more than 2% in premarket after the company posted upbeat quarterly figures. The spice and condiment maker earned 72 cents per share, well above consensus estimates of 59 cents. Revenue also came in above expectations. The company lifted its full-year guidance, as more clients are cooking at home due to the ongoing pandemic.

Roku (ROKU.US) stock rose more than 1.5% in premarket  after Truist Financial upgraded the maker of video streaming devices stock to “buy” from “hold”. Truist Financial  noticed multiple opportunities for revenue enhancement as well as current valuation.