US OPEN: Wall Street muted after key inflation data

• US indices launched today's cash trading slightly lower
• US core PCE in line with estimates
• Hasbro (HAS.US) warns of weak holiday quarter results, cuts jobs

Three major Wall Street indices launched today's session slightly in red, with Dow Jones trading 0.30% lower, while S&P500 and Nasdaq fell 0.20% and 0.10% as investors digested mixed quarterly results from major tech companies including Intel, Visa and Mastercard and latest data. The Fed's preferred inflation indicator, the core PCE index eased 4.4% in December in line with expectations, while personal spending declined for a second consecutive month in December, heightening the impact of higher borrowing costs on consumer spending, which accounts for more than two- thirds of US economic activity.

US100 broke above 200 SMA (reed line) during yesterday's session and as long as price sits above, recent upward move may be extended towards major resilience at 13000 pts which coincides with 38.2% Fibonacci retracement of the upward wave launched in March 2020. On the other hand, if sellers manage to regain control, then nearest support to watch is located at 11500 pts. Source: xStation5

Company news:

Hasbro (HAS.US) shares plunged over 5.0% in premarket after the toy maker announced plans to lay off 1,000 workers or 15% of its global workforce and warned of weak holiday-quarter results. Hasbro expects that thanks to layoffs it will save between $250 million and $300 million annually by the end of 2025.

Hasbro (HAS.US) stock pulled back sharply from the crucial resistance at $65.50, which coincides with 61.8% Fibonacci retracement of the upward wave launched in March 2020. If current sentiment prevails downward move may deepen towards recent lows at $54.85. Source: xStation5

American Express (AXP.US) stock surged over 5.0% in off hours trading despite the credit card company posted weak Q4 results However, the company issued optimistic guidance for 2023 and will be increasing its dividend by 15%.

Intel (INTC.US) stock fell nearly 10.0% before premarket open after the chipmaker posted weak quarterly figures and weak financial guidance . Company showed significant declines in the company’s sales, profit and gross margin and expects loss in the first quarter of 2023. Other chip makers also moved lower. Advanced Micro Devices stock fell nearly 3.0%, while Nvidia dropped 1.9% .

Chevron (CVX.US) fell more than 1% in premarket after oil producer posted mixed quarterly figures - earnings missed expectations, while revenue surprised on the upside. Company raised its dividend and announced a buyback plan.