US OPEN: Wall Street opens mixed on weak retail sales data

• US stimulus negotiations remain at a standstill
• US Retail Sales data below forecast
• Baidu (BIDU.US) stock drop despite positive quarterly results

US indices launched today's session mixed, as recent trade data raised concerns about the pace of economic recovery. US retail sales rose 1.2 % in July easing from an upwardly revised 8.4 % increase in June and below analysts’ expectations of 1.9% gain. Meanwhile negotiations on a new coronavirus stimulus package remain at a stalemate. Democrats are willing to reduce their original stimulus proposal totaling $3.5 trillion by one third, but insist on keeping help for states while Republicans rejected the Democrats’ proposal and offered to put in no more than $150 billion for local assistance. Senate adjourned for the month after Thursday's session, returning only if negotiators come to an agreement.
During the weekend investors’ attention will focus on meeting between US and Chinese officials regarding the review of the  Phase 1 trade deal.

S&P500 (US500) is trading in a local sideways move near its ATH. Should upbeat moods return, index may test the resistance 3398 pts. However, if  sellers manage to take control, then support at 3322.0 pts may be at risk. Source: xStation5

Baidu (BIDU.US) stock dropped 5% after the market close despite the fact that the Chinese internet company posted better than expected quarterly results. Baidu reported an adjusted profit of RMB 14.73 per share, well above analysts' expectations of RMB 9.60 per share. Revenue for the quarter came in at RMB 26.03 billion and analysts expected sales of RMB 25.71 billion.
Baidu (BIDU.US) – stock launched today’s session with a bearish price gap and is heading towards resistance at $114.82 per share which is additionally strengthened by 200 MA (redline). Should a break below occur, then next support is located around $108.00 per share. Local resistance is located at $120.00 per share. Source: xStation5

Applied Materials (AMAT.US) stock rose 1.2% in extended trading after company posted better than expected quarterly results. The company earned  $1.06 per share  on revenue of $4.4 billion while Wall Street expected a profit of 95 cents per share on revenue of $4.18 billion. “By addressing our customers’ highest value problems, Applied is outperforming today and is positioned to grow faster than our markets over the next several years,” CEO Gary Dickerson said in a statement.

Apple (AAPL.US), Alphabet (GOOGL.US) both received a law suit from Epic Games, the developer of the popular videogame Fortnite, after both removed Fortnite from their app stores. Apple  and Alphabet are claiming that Epic violated guidelines regarding in-app purchases to avoid fees.

Tesla (TSLA.US) shares rose 3.2% in extended trading  after Morgan Stanley (MS.US)  upgraded company's stock to 'equal weight' from 'underweight', albeit with a target price still below the current one.

Baidu (BIDU.US) stock dropped 5% after the market close despite the fact that the Chinese internet company posted better than expected quarterly results. Baidu reported an adjusted profit of RMB 14.73 per share, well above analysts' expectations of RMB 9.60 per share. Revenue for the quarter came in at RMB 26.03 billion and analysts expected sales of RMB 25.71 billion.

Farfetch (FTCH.US) stock rose over 5%  in extended trading  following the release of its second-quarter financial results. Farfetch lost 20 cents per share while analysts' expected a loss of 29 cents per share. The company’s revenue  came in above market expectations.

DraftKings (DKNG.US) reported a quarterly loss of 55 cents per share, above analysts’ expectations of 19 cents per share while revenue and its forecast for current-quarter revenue beat market estimates. The online-sports-betting company said its results were strong during the second quarter as it dealt with a limited sports calendar.