US OPEN: Wall Street regains traction

• US indices launched today's cash trading higher
• PayPal (PYPL.US) surges on upbeat quarterly results
• Robinhood (HOOD.US) plans to lay off more workers

Major Wall Street indexes launched today's session over 0.80% higher as investors digest another set of upbeat quarterly results and Pelosi’s visit to Taiwan. Now investors will focus on US services ISM for July, which will be released  at 3:00 pm BST as it may provide more details on the condition of the economy.

US30 pulled back sharply on Tuesday, however sellers failed to break below local support at 32410 pts. As long as the index sits above this level, there is a chance for continuation of the recent upward correction. Next target for sellers lies around 34125 pts level and is marked with 61.8% Fibonacci retracement of the last downward move. Source: xStation5

Company news:

Robinhood (HOOD.US) stock rose 2.5% after trading platform cut 23.0% of its staff (780 employees), citing economic uncertainty, a steep selloff in cryptocurrencies, and a deteriorating market environment.

Robinhood (HOOD.US) stock bounced off the all-time low at $6.75 in recent weeks and is currently testing local resistance around $9.25, which is marked with 23.6% Fibonacci retracement of the last downward wave and upper limit of the triangle formation. Should break higher occur, the next target for buyers is located around $10.50 and coincides with 38.2% retracement. Source: xStation5

CVS Health (CVS.US) stock rose nearly 4.0% in  premarket after the drug store operator posted solid quarterly results and lifted its full-year financial outlook.  Profit increased thanks to high sales of over-the-counter Covid-19 tests as better than expected performance by its insurance unit.

PayPal (PYPL.US) shares jumped 14% before the opening bell after the payment giant posted better than expected quarterly results and activist investor Elliott Management acquired over $2 billion stake.

Advanced Micro Devices (AMD.US) stock dropped more than 5.0% after the chip designer issued a weak revenue forecast for the third quarter as it expects challenging market conditions in the upcoming months.