US OPEN: Dow and S&P rebound, Nasdaq under pressure

• US stocks try to recover from yesterday's big losses
• US 10-Year Treasury Yield Falls for 3rd Day
• Intel (INTC.US) is planning a major manufacturing expansion

US indices launched today's session mixed, Dow Jones rose nearly 1%, S&P 500 added 0.5% while Nasdaq fell 0.4%, as  yield on the benchmark 10-year Treasury note fell for the 3rd straight session to 1.62%. Fed Chair Powell and Treasury Secretary Yellen will continue their testimony to the Congress on the CARES Act. Yesterday Powell stated that the US economy is strengthening but the recovery remains far from complete.  However, he said that the sectors of the economy hardest-hit by the pandemic “remain weak” and the unemployment rate “underestimates the shortfall,” so the recovery still had a long way to go. New orders for US manufactured durable goods unexpectedly fell 1.1 % MoM in February, compared to analysts’ expectations of a 0.8 % increase. It is the first decline in durable goods order in ten months. The IHS Markit Flash US Manufacturing PMI rose to 59 in March of 2021 from 58.6 in February, slightly below analysts’ expectations of 59.3. The IHS Markit US Services PMI jumped to 60 in March from 58.8 in February and in line with market forecasts.

US500 bounced off the major support at 3895 pts and is currently approaching the local resistance zone which consists of the downward trendline and resistance at 3931 pts. Should a break higher occur, then upward impulse towards all-time high at 3980 pts could be launched. However in case sellers will manage to regain control and break below the aforementioned support at 3895pts then downward move may be extended to the 3850 pts handle. Source: xStation5

Intel (INTC.US) stock rose 4% in premarket after the chipmaker announced plans to build two new factories at existing facilities in Arizona for $20 billion, to take over a greater share of the market and fill gaps created by a worldwide chip shortage. Production is expected to start in 2024.

Intel (INTC.US) stock launched today’s session higher after the chip maker announced aggressive plans to expand its manufacturing capacity. If the current sentiment prevails upward move may be extended towards all time high at $69.35.  On the other hand, if sellers will manage to halt advances then another downward impulse towards support at $63.52 which coincides with lower limit of the ascending channel could be launched. Source: xStation5

Tesla (TSLA.US) stock rose 1.1% in premarket after Elon Musk announced that the company would be accepting bitcoin as payment from U.S. customers.

GameStop (GME.US) stock plunged 12% in premarket after the company posted weak quarterly figures. The video game retailer earned $1.34 per share, missing forecasts by a penny a share. Revenue also came in below market expectations. During the earnings conference call company did not make any comments regarding the recent Reddit-fueled trading frenzy, however, according to the SEC filing, the company is taking into account the idea of selling shares in order to fund its ongoing transformation.

General Mills (GIS.US) posted quarterly earnings of 82 cents per share while analysts expected earnings of 80 cents per share. Revenue beat expectations. Company expects demand for food at home to remain elevated relative to pre-pandemic levels.

Adobe (ADBE.US) stock rose more than 1% in premarket after the company posted better than expected quarterly figures. Adobe earned $3.14 per share  which came in 35 cents above market expectations. . Revenue also beat analysts’ projections. The software company also provided upbeat full year and quarterly earnings guidance on strength in its flagship Creative Cloud suite and other cloud-based offerings.