US OPEN: Wall Street opens higher as transition of power begins

• Trump administration allows Biden transition to begin
•  Nomination of Janet Yellen as Treasury Secretary
• Dollar Tree (DLTR.US) stock rose over 8% on Q3 earnings

US indices launched today's session higher continuing the recent positive tone as investors welcomed the news that President Trump implicitly acknowledged electoral defeat and authorized his staff to begin an orderly transition of power after US General Services Administration acknowledged Joe Biden as the apparent winner of the presidential election. Markets also positively react to the news that former Fed Chair Janet Yellen will be the next Treasury Secretary. Meanwhile pandemic continues to surge across the country - over 172k new cases were recorded yesterday.

US30 extended gains on Tuesday. Index broke above the local resistance at 29 557 pts and is ready to test all-time highs. However, the momentum indicator shows that the upward momentum is decreasing, which may mean that buyers will have a problem with overcoming this level. Source: xStation5

Dollar Tree (DLTR.US) stock rose over 8% in pre-market trading after the company reported its third quarter figures.  The discount retailer earned $1.39 per share, compared to a $1.15 a share consensus estimate. Revenue also beat analysts' expectations. Comparable sales at the flagship Dollar Tree chain beat estimates, but same-store sales at the Family Dollar brand disappointed slightly.

Dollar Tree (DLTR.US) stock launched today’s session higher on upbeat quarterly figures and was able to break above both the resistance at the $105.23 level and the upper limit of the triangle pattern. Should current sentiment prevails then the upward move may accelerate towards next resistance at $112.95. On the other hand breaking below the aforementioned level of $105.23 could trigger a downward impulse towards  support at $98.10. Source: xStation5

Dick’s Sporting Goods (DKS.US) - current President Lauren Hobart will become company's new CEO, effective Feb. 1, 2021, succeeding current CEO Edward Stack. Meanwhile the sporting goods seller reported better than expected quarterly earnings. Company earned $2.01 per share well above  the $1.01 a share consensus estimate. Revenue came in above expectations, and a same-store sales increase of 23.2% was well above the 14.1% analysts had forecast.

Tesla (TSLA.US) shares jumped 4.8% in pre-market on news that company is set to breach $500 billion in market value, helped by several broker upgrades, who point to the growing importance of recurring service revenue.

Best Buy (BBY.US) – reported quarterly earnings of $2.06 per share, which came in above analysts' expectations of $1.70 a share. Revenue also beat market forecasts. Comparable sales increased 22.6%, well above Wall Street estimates of 13.6%. The electronics retailer did not provide financial guidance due to the ongoing pandemic.

Burlington Stores (BURL.US) posted quarterly earnings of 29 cents per share, 13 cents a share above market estimates. Revenue topped Wall Street expectations as well. The apparel retailer comparable-store sales fell by 11%, but that was smaller than the 16.3% decline that analysts were anticipating.