US OPEN: Wall Street mixed as Powell fails to shake markets

• US indices launched today's cash trading mixed
• Powell remarks did not cause stir on the markets
• Coinbase (COIN.US) plans to cut 20.0% of its workforce
• Boeing (BA.US) plunges after Morgan Stanley downgrade

Three major Wall Street indices launched today's session in mixed moods, with Dow Jones trading 0.25% higher, while the S&P 500 and Nasdaq fell 0.10% and 0.08% respectively as traders continued to assess the outlook for growth while digesting a slew of Fed speeches. World Bank lowered the 2023 global growth forecast to 1.7% from 3.0% in June forecast and forecast US GDP growth at +0.5% vs +2.2% in June forecast. However markets remained optimistic that China's reopening would boost growth prospects for the country and other economies. Yesterday's hawkish comments from FED's Daly and Bostic also weigh on market sentiment. Both policymakers agree that FED should hike above 5% and hold rates there for a long time. FED Chair Powell is participating in a panel discussion in Stockholm, organized by Riksbank, however prepared remarks showed that he will not make any comments regarding the state of the US economy or the prognosis for monetary policy. Powell emphasized the need for the central bank to be free of political influence while noting that climate change should not be a priority for monetary policymakers. The pandemic exposed flaws in the nonbank sector, however the financial system is now significantly more resilient. Further changes are required to make it more resilient, however increasing liquidity is not the desired response.  Now market attention shifts to the US CPI report, due on Thursday, which could influence Fed's next move. 

US30 failed to uphold last weeks' bullish momentum on Monday and dropped below 33720 pts. As long as price sits below this level, another downward impulse may be launched towards major support at 32620 pts, which coincides with  200 SMA (red line). On the other hand, if buyers will manage to regain control, then nearest resistance to watch are located at 34330 pts and 35100 pts, which is marked with 61.85 Fibonacci retracement of the downward move launched in January 2022. Source: xStation5

Company news:

Boeing (BA.US) shares dropped over 2.5% before the opening bell after Morgan Stanley downgraded the aircraft maker to equal weight from overweight as it does not see any potential upside from current levels.

Boeing (BA.US) stock broke above the long-term downward trendline last week and yesterday buyers managed to push the price above major resistance at $207.00, which now acts as the first line of support. If bulls manage to uphold recent momentum, an upward move may accelerate towards the next major resistance zone around $234.75, which is marked with upper limit of the 1:1 structure and 23.6% Fibonacci retracement of the upward wave launched in March 2020. Source: xStation5

Coinbase (COIN.US) shares dropped over 1.5% in premarket after the cryptocurrency exchange announced plans to lay-off  950 employees or 20.0% of its workforce as part of a restructuring plan.

CureVac (CVAC.US) stock surged more than 12.0% in off-hours trading after the biotech company expects to conduct further patient trials of its mRNA vaccines for Covid-19 and the flu. Elsewhere Alexander Zehnder, who worked for Sanofi, will become its CEO in April.

Bed Bath & Beyond (BBBY.US) stock gained over 3.5% in premarket after the troubled home goods retailer posted a quarterly loss of nearly $393M after a difficult holiday season, however the management team did not clarify whether the company will file for bankruptcy.