US OPEN: Wall Street mixed ahead of big tech earnings

• US indices launched today's cash trading mixed
• US500 tests major resistance zone
• Earnings reports from Alphabet and Microsoft after market close
• General Motors (GM.US) stock surged on upbeat Q3 results

US indices launched today's session in mixed moods as traders refrain themselves from placing big transactions ahead of a wave of quarterly results from big tech. Microsoft and Alphabet will provide their quarterly figures today after the closing bell, while Apple, Meta, and Amazon report later in the week. Aside from earnings, investors will also focus on Conference Board index data which will be released at 3:00 pm BST. 

US500 is again testing a major resistance zone around 3800 pts, which coincides with 38.2% Fibonacci retracement of the upward wave launched in March 2020. Should break higher occur, upward move may accelerate towards next resistance at 3900 pts. On the other hand, if sellers manage to regain control, then another downward impulse towards support at 3500 pts, which is marked with a lower limit of the 1:1 structure, may be launched. Source: xStation5

Company news:

General Motors (GM.US) stock jumped over 4.0% in premarket trading after the automaker posted Q3 financial figures, helped by rebounding sales and easing supply chain problems, allowing it to increase inventories on dealer lots.

General Motors (GM.US) stock rose sharply on Tuesday and is heading towards major resistance at $40.00, which is marked with previous price reactions. On the other hand, if sellers manage to regain control, another downward impulse towards support at $34,10 which is marked with 61.8% Fibonacci retracement of the upward wave started at the beginning of the pandemic may be launched. Source: xStation5

Amazon.com (AMZN.US) shares fell nearly 1% before the opening bell after the e-commerce giant froze hiring on its AWS business, a move seen as an escalation of the company's cost-cutting efforts.

Coca-Cola (KO.US) stock rose nearly 3.0% in pre-market after the beverage giant posted better than expected quarterly results and lifted  its full-year financial guidance as demand remains robust despite higher prices.

Tesla (TSLA.US) stock dropped over 1.0% in off-hours trading after Morgan Stanley lowered its target price on the electric car manufacturer to $330 from $350, keeping its ‘overweight’ rating, while warning of “unexpected headwinds” ahead.

3M (MMM.US) stock fell over 2.0% before the opening bell following mixed quarterly results. Company Q3 earnings topped expectations earnings, but revenue figures disappointed. Company also cut its full-year outlook due to rising costs and the greenback strength.

Meta Platforms (META.US) stock rose 0.5% in premarket after its popular messaging app WhatsApp resumed operations after some users in India, Asia and the UK reported problems with receiving messages after it suffered a global outage earlier Tuesday.

General Electric (GE.US) shares rose over 4.0% in premarket action despite mixed quarterly results. Revenue was stronger than expected,  while earnings fell short of analysts’ estimates. The company cut its full-year outlook as it works its way through supply chain issues and higher costs.