US OPEN: Wall Street lower as Biden plans to ban Russian oil imports

• White House to ban Russian oil, gas and coal imports
• Shell (RDSA.US) apologies for buying Russian oil
• Dick’s Sporting Goods (DKS.US) stock surges after upbeat quarterly results

US indices launched today's session in mixed moods as investors remain concerned about the war in Ukraine, rising inflation and higher interest rates. Oil prices move higher as the US and UK are expected to impose an embargo on Russian oil, which boosts concerns about a slowdown in global growth. Energy stocks reasserted their dominance, while the tech sector moved lower following the announcement.

US500 took a hit in recent days, however buyers managed to halt declines around local support at 4138.4 pts which is marked by the lower limit of the 1:1 structure. Next index broke above local resistance at 4180 pts which coincides with 23.6% Fibonacci retracement of the upward wave launched in March 2020. If current sentiment prevails, upward move may accelerate towards next resistance at 4270 pts. Source: xStation5

Company news:

Dick’s Sporting Goods (DKS.US) stock jumped 6.5% in premarket after the sporting goods retailer posted better than expected quarterly results, issued an upbeat 2022 forecast, and approved a 11% increase to its quarterly dividend. The company's same-store sales surged nearly 6.0%, which was faster than the rate in the fourth quarter of 2019 before the pandemic.

Dick’s Sporting Goods (DKS.US) stock price fell sharply on Monday, however sellers failed to break below major support at $97.00, which coincides with 38.2% Fibonacci retracement of the last major upward wave. Today the price rebounded sharply following upbeat quarterly figures. Nearest major resistance is located at $116.50. Source: xStation5

Shell (RDSA.US) - the U.S.-traded shares rose nearly 2% in premarket after the oil giant apologized for buying a shipment of Russian oil and pledged to refrain from spot purchases of Russian oil. Shell will also shut down other operations in the country.

Apple (AAPL.US) stock rose slightly in premarket as the tech giant is holding a product launch event later in the day, and some Wall Street analysts expect the company to announce a cheap version of iPhone.

Tesla (TSLA.US) stock rose slightly before the opening bell after the electric car producer sold 56,515 China-made vehicles last month, only slightly lower than the 59,845 sold in January despite supply chain and logistics issues.