US OPEN: Wall Street slips as Big Tech quarterly figures disappoint

• US stocks open lower
• NASDAQ under pressure following weak results from major tech companies
• Apple (AAPL.US) stock falls after missing Q4 earnings estimates

US indices launched today's session lower as both Apple and Amazon posted weak quarterly. Amazon stock fell more than 4% after the tech giant posted lower than expected EPS and offered a weak outlook for the current quarter. Elsewhere, lower-than-expected revenue also dragged Starbucks shares 4% down. On the flip side, the major oil companies posted better than expected quarterly figures. Despite the weak performance of the Big Tech sector, about half of the companies listed on the S&P 500 have reported quarterly results and more than 80% of them beat earnings estimates. Meanwhile for the October month, all major averages are on track to book solid gains. The Dow Jones is up more than 5% so far and both the S&P 500 and the Nasdaq added more than 6% each.

US2000 jumped over 2% during yesterday's session, however the upward move was halted by the earlier broken upward trendline. If sellers will manage to regain full control, then another downward impulse towards support at 2258 pts may be launched. Source: xStation5

Company news: 

Apple (AAPL.US) stock fell 3.4% in premarket after the iPhone maker missed revenue expectations and warned of increasingly severe supply chain challenges in the upcoming holiday season.

Apple (AAPL.US) stock price rose sharply during yesterday’s session and reached resistance at $153.30 which coincides with 78.6% Fibonacci retracement of the last downward wave. However price witnessed sharp pullback following the release of the quarterly figures. Currently stock is testing support at $147.40 which coincides with 200 SMA (red line). Should break lower occur, downward move may accelerate towards $145.50 which is marked with 38.2% retracement. Source: xStation5

Exxon Mobil (XOM.US) stock rose more than 1% before the opening bell after the company reported  quarterly earnings of $1.58 per share, slightly above analysts' estimates of $1.56 per share, while revenue figures missed market expectations. Still company still recorded the highest profit in four years thanks to stronger demand and higher prices. 

Chevron (CVX.US) stock gained more than 2% in premarket after the oil major posted its highest quarterly profit in eight years amid surging energy prices. Chevron earned an adjusted $2.96 per share well above market estimates of $2.21, with revenue also beating Wall Street forecasts.

Gilead Sciences (GILD.US) shares fell 1.7% in premarket after the biotechnology company posted better than expected quarterly results. Company earned an adjusted $2.65 per share well above market projections of  $1.75 consensus estimate. Revenue also easily beat Wall Street expectations. Gilead saw strong demand for its antiviral Covid-19 treatment remdesivir, but said full-year sales of its non-Covid drugs won’t reach earlier estimates.