US Open: Wall Street rises after weak US macro data, HP loses 10%

• Wall Street opens the session flat, mixed sentiment prevails
• Dow Joens (US30) contracts gain 0.22% with Nasdaq (US100) contracts up 0.07%.
• Investors unsure of reaction to weaker 'pivot' macro data from US - buyers slightly prevail
• Weaker ADP readings, US GDP revision down, PCE data below forecasts
• HP (HPQ.US) shares lose 10% - company cuts forecasts, lower PC demand

Markets learned today important macro data from the US, which completed the picture of yesterday's negative surprise in  Conference Board and JOLTS indexes. On the one hand, the chances of a rate hike in September are falling, but on the other hand, the market is aware that too strong and sharp a macro deterioration could herald a recession and more pressure on corporate margins, which is obviously not positive for stock valuations. Here is the macro package of today's data from the US:

• ADP report for August: 177,000 (expected: 195,000; previous: 324,000).
• US GDP for Q2 k/k (revision): 2.1% Forecast: 2.4% Previous: 2,4%
• GDP price index for Q2 (revision): 2% Forecast: 2.2% Previously: 2,2%
• GDP deflator for Q2: 2% vs. 2.2% previously
• Core PCE inflation: 3.7% Forecast: 3.8% Previously: 3,8%

Changes % of S&P 500 companies, size reflects market capitalization. Source: xStation5

US30 index, D1 interval. Contracts on the Dow Jones are gaining almost 0.3% today, the price has already reacted several times to sapdek below the SMA50. If the price stays above 34,500 where the SMA50 (orange line) currently runs, the road to 35,000 points could be opened. Source: xStation5Wholesale advance inventories fell 0.1% with a 0.3% increase in advance wholesale inventories. In July, US exports exceeded imports by 2.6% (goods deficit). Source: US Census BureauSource: XTB Research, Bloomberg Finance LP, US Bureau of Economic Analysis

News from companies

• Alphabet (GOOGL.US) analysts are positive about the company's artificial intelligence development, which they commented on at the Google Cloud Next event. The tech giant unveiled new artificial intelligence infrastructure and software as part of an expanded partnership with Nvidia (NVDA.US)
• Ambarella (AMBA.US) is losing ground after its third-quarter revenue forecast fell short of Wall Street expectations and analysts massively downgraded recommendations 
• Box (BOX.US) shares fall as the infrastructure software company lowered its full-year revenue forecast. Wall Street expects pressure on the company's customers and, as a result, lower order intake due to a tougher macro environment
• Shares of HP Inc. (HPQ.US) are losing more than 10% after the technology equipment company - particularly personal computers and laptops - lowered its estimates for annual cash flow and earnings. It indicated that the recovery in the personal computer market is taking longer than expected.

HP Inc. (HPQ.US), W1 interval. The company's shares are trading near a trend line drawn from the March 2020 lows. Close support is still provided by the 200-session weekly moving average - from its level the stock has already bounced once, in the fall of 2022. Source: xStation5