US OPEN: Wall Street opens lower as market brace for FOMC decision

• Investors await JOLTS and factory data readings

• Chegg loses over 40% on wave of ChatGPT threats

The start of Tuesday's trading session on Wall Street is off to a mixed start, with the major US benchmarks posting modest declines. Investors' attention today is primarily focused on macro readings, with durable goods orders, factory orders, and JOLTS data. What's more, investors are keeping a close eye on companies' quarterly results, which also strongly influence market sentiment. Uber and Pfizer's results surprised analyst consensus positively, but CEO Chegg's warning about the negative impact of ChatGPT on new customer acquisition prospects lifted the company's shares by more than 40% early in today's session. 

The money market is now pricing in a 96% probability that the FOMC will raise interest rates by 25 points at tomorrow's Fed meeting.  Source: Bloomberg

Stocks from the S&P 500 index, categorized by sector and industry. Size represents market capitalization. Source: xStation5

The S&P 500 Index is trading mixed early in the session, however US500 futures are holding below yesterday's lows, putting some pressure on Wall Street's main stock benchmark. Source: xStation 5

Company news

Investors' attention at the start of today's Wall Street session is focused on the shares of Chegg (CHGG.US), which are losing more than 45% in the face of comments from the company's CEO, who said that the growth of ChatGPT will have a negative impact on new user growth. 

Chegg's quarterly results managed to beat analysts' expectations, however the threat from artificial intelligence is creating huge pressure on future results. Details of yesterday's report. Source: Bloomberg

Pfizer (PFE.US) shares are gaining early in today's session on the release of better-than-expected quarterly results, driven by strong demand for the company's newly acquired products and strong interest around pneumococcal vaccines. It is mainly due to these factors that the company managed to neutralize the negative impact of the decline in vaccine sales on COVID. The company reiterated its annual EPS guidance in the range of $3.25 - $3.45.

Details of Pfizer's quarterly report. Source: Bloomberg

The shares of Uber (UBER.US) are also seeing powerful gains early in the session. The stock is currently gaining more than 10%, all thanks to better-than-expected quarterly results.

 The results were driven primarily by high demand in the transportation and food delivery units. Source: Bloomberg

The company forecasts EBITDA to reach between $800m and $850m this year. Previously, consensus expected EBITDA to be close to  $750m.

Details of Uber's quarterly report. Source: Bloomberg

Coinbase (COIN.US) is launching an international derivatives exchange for its institutional clients outside the US in an effort to diversify its business amid a contentious relationship with US