US OPEN: Wall Street relief rally loses steam

• US indices launched today's cash trading slightly lower
• Fed Waller hawkish comments weigh on market sentiment
• AMD (AMD.US) stock surges after analysts' upgrades

Three major US indices launched today's session mostly lower, handing back some of the previous week’s sharp gains as investors digested latest comments from FED members and outcome of Biden-Xi meeting during the G20 summit. Fed Waller warned investors against getting too optimistic over last week's CPI report, as the US central bank “still got a ways to go” with interest rate hikes. Waller acknowledged that the Fed may slow the pace of rate increases in the upcoming meetings, but emphasized that markets should focus on the terminal rate which is likely still “a ways off” rather than the pace of each move. On the geopolitical front, Biden told Xi that competition between both countries should not veer into conflict. The leaders of the two countries welcomed ongoing efforts to resolve specific issues in US-China bilateral relations. They encouraged further progress through existing mechanisms, including through joint analyst groups. This week's quarterly results from big retailers, including Walmart, Home Depot, Target, Lowe's, and Macy's, will offer insights into how US consumers deal with ongoing macro headwinds.

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

Despite slightly negative sentiment US100 manages to stay above support at 11700 pts, which is marked with previous price reactions. As long as the index sits above, upward move may accelerate towards key resistance 13000 pts. On the other hand, if sellers manage to regain control, another downward impulse towards support at 10460 pts may be launched. Source: xStation5

Company news:

AMD (AMD.US) stock rose 3.5% in the premarket following upgrades from Baird and UBS. The firms pointed to positive industry cyclical trends as well as strong demand by data center equipment manufacturers for AMD’s Genoa chip.

AMD (AMD.US) stock has been moving in a steep downward trend in recent months as recession fears spooked investors from the tech sector. Nevertheless buyers found some support around the $55.00 level and launched a recovery move. Upbeat sentiment prevails today and stock is heading towards the upper limit of the wedge formation which should act as the first line of resistance. Source: xStation5

Oatly (OTLY.US) shares plunged over 11.0% in premarket after the maker of oat-based drinks posted a larger-than-expected quarterly loss while revenue failed to beat market estimates  due to several factors including China Covid restrictions, production challenges and a stronger US dollar.

Tyson Foods (TSN.US) stock jumped nearly 2.0% in premarket despite the packaged food maker posted mixed quarterly results.  Company earned $1.63 per share, below analysts’ estimates of $1.73 per share while revenue topped market estimates. Tyson also gave upbeat full-year sales guidance as demand remain strong despite surging inflation.

Walt Disney (DIS.US) stock rose 0.5% before the opening bell as company plans to freeze hiring and introduce some lay-offs in order to increase profitability of Disney+ streaming service, according to Reuters .

Coinbase (COIN.US) shares fell 2.0% in premarket as the collapse of cryptocurrency exchange FTX continues to put pressure on its competitors.