US OPEN: Wall Street mixed after upbeat GDP data

• US indices launched today's cash trading in mixed moods
• US100 dragged down by Meta (META.US)
• Ford (F.US) stock under pressure after quarterly results

The Dow Jones rose over 1.30% on Thursday, while the S&P 500 and the tech-heavy Nasdaq remained somewhat subdued as investors digested better than expected US GDP figures and a bag of mixed earnings results. The first estimate of Q3 GDP showed that the economy expanded by 2.6%, topping analysts’ estimates of 2.4%. Tech sector remain under pressure following Facebook-parent Meta weak quarterly results and guidance, which comes in tandem with disappointing earnings from Alphabet and Microsoft earlier this week.

US30 rose sharply on Thursday following better than expected GDP figures and if current sentiment prevails resistance at 32620 pts which is marked with previous price reactions and 200 SMA (red line) may be at risk. On the other hand, breaking below support at 31760 pts which is marked with 38.2% Fibonacci retracement of the last downward wave may trigger another downward move. In such a scenario the next support to watch lies at 30580 pts, where 23.6% retracement is located. Source: xStation5

Company news:

Ford (F.US) stock dropped 1.7% in premarket after the car maker reported a net loss of $827 million in its most recent quarter, citing supply chain issues and its decision to shift spending from the Argo AI self-driving business.

Ford (F.US) stock hovers above major support at $12.50, which coincides with 61.8% Fibonacci retracement of the upward wave launched in March 2020. If buyers manage to uphold control, then another upward impulse towards resistance at $14.00 may be launched. On the other hand, should a break lower occur, downward move may deepen towards recent lows at $10.90. Source: xStation5

Meta (META.US) shares plunged nearly 23.0% before US open after the social media giant posted weak quarterly earnings miss and disappointing fourth-quarter forecast. Company earned  $1.64 per share on revenue of $27.71 billion. Analysts surveyed by Refinitiv were expecting $1.89 per share on revenue of $27.38 billion. Investors are also concerned with costs related to  metaverse project.

McDonald’s (MCD.US) shares jumped over 2.0% before the opening bell after the fast-food giant posted solid quarterly results. Sales are rising in the US market despite higher prices, in contrast to other quick-service restaurants that recently hiked menu prices.

Comcast (CMCSA.US) surged over 5.0% in premarket on better than expected quarterly figures. Comcast reported earnings of 96 cents per share on revenue of $29.85 billion, compared to expectations of 90 cents per share on revenue of $29.65 billion, according to consensus estimates on Refinitiv.