US OPEN: Wall Street opens lower as tech slips, bond yields jump

• US stocks opened lower
• 10-year Treasury yield rose to 2.77% 
• Elon Musk will not join Twitter's (TWTR.US) board
• Nio (NIO.US) suspends production due to lockdowns

US stock indexes launched today’s session lower, extending recent losses as yields continued to move higher on worries that tighter monetary policy could hurt economic growth. The 10-year Treasury yield jumped to 2.77% which is the highest level since early 2019. Also ongoing war in Ukraine and China's lockdowns put additional pressure especially on tech stocks. This week investors will focus on inflation data - consumer price index for March will be released on Tuesday and the producer price index following on Wednesday.

US2000 pulled back sharply last week after another failed attempt of breaking above major resistance at 2108 pts. Hawkish Fed and tense geopolitical situation put additional pressure on the index which broke below local support at 2024 pts. This level coincides with 23.6% Fibonacci retracement of the last major downward correction. If current sentiment prevails downward move may be extended to the 1900 pts level where January and February lows are located. Source: xStation5

Company news:

Twitter (TWTR.US) stock dropped over 1.5% in the premarket after social media giant Parag Agrawal said that Elon Musk will not be joining the company's board. However Bloomberg reported that Mush may engage in talks regarding strategy and governance.

Twitter (TWTR.US) stock rose sharply last week after Musk revealed a 9.2% stake in the company, however buyers failed to break above the upper limit of the 1:1 structure and pull back occurred. Currently price is trading below local resistance at $47.60, which coincides with 38.2% Fibonacci retracement of the last downward correction. If current sentiment prevails, next support at $41.30 may be at risk. Source: xStation5

Nio (NIO.US) stock plunged nearly 10.0% in premarket after the Chinese electric vehicle decided to suspend production due to Covid-19 lockdown-related disruptions.

Nvidia (NVDA.US) stock  tumbled over 4.0% before the opening bell after Baird downgraded chip producer to ‘neutral’ from ‘outperform’ due to decreasing demand in the semiconductor sector.  Also the company plans to seek shareholder approval to double the number of authorized shares.

Shopify (SHOP.US) stock rose over 1.0% in premarket after the e-commerce platform proposed a 10-for-1 stock split, as well as the creation of a new “founder share” which would lift CEO Tobi Lutke’s voting power to 40% from the current 34%.