US OPEN: Wall Street slides at the beginning of the week

• US indices launched today's cash trading lower
• Twitter (TWTR.US) stock plunges as Musk attempts to exit the takeover deal
• Casino stocks tumble as Macau reintroduces covid restrictions

Major Wall Street indices launched today's session lower as investors have upped their expectations that the Fed will move even more aggressively to tame inflation following upbeat NFP jobs report last week. Also, concerns about further curbs in China as the country battles several coronavirus outbreaks also weighed on market sentiment. This week investors’ attention will focus on US inflation data and the beginning of the earnings season.

US30 again fell below 31320 pts, which coincides with 23.6% Fibonacci retracement of the last downward wave. As long as price sits below the aforementioned level, another downward impulse towards support at 29615 pts may be launched. On the other hand, should buyers regain control, another bullish impulse towards next resistance at 32410 pts may be launched. Source: xStation5

Company news:

Wynn Resorts (WYNN.US) and Las Vegas Sands (LVS.US) shares fell over 5.0% in premarket, after Macau, which is a Chinese gambling hub decided to impose a one-week shutdown in order to contain the spread of Covid-19.

Las Vegas Sands (LVS.US) stock launched today's session with a bearish price gap and given current risk-off sentiment downward correction may deepen towards recent lows at $28.80. On the other hand, a break above the major resistance zone at $37.50, which is marked with 23.6% Fibonacci retracement of the last downward wave and 200 SMA (red line) may negate the bearish scenario. Source: xStation5

Twitter (TWTR.US) stock fell 7.0% in premarket trading after Elon Musk announced late Friday that he has taken steps to withdraw from his $44 billion takeover deal. Twitter threatens to take legal actions against Tesla CEO.

China tech stocks took another hit after Beijing officials fined Alibaba (BABA.US), Tencent (TME.US) for not complying with anti-monopoly rules and not disclosing transactions. Alibaba shares fell nearly 4.0% in the premarket, JD.com (JD.US), Pinduoduo (PDD.US) and Baidu (BIDU.US) all lost over 3.0%

Mattel (MAT.US) stock jumped nearly 3.0 % after the toymaker was upgraded to “buy” from “neutral” at Goldman Sachs, which believes that the company will benefit from demand related to new TV and film releases.