US OPEN: Wall Street slips on rising US-China tensions

• US indices launched today's cash trading lower
• Pelosi visit to Taiwan raises US- China tensions
• Caterpillar (CAT.US) posted disappointing quarterly figures

All three major Wall Street indexes launched today's session 0.5% lower on mounting geopolitical tensions between the US and China over House Speaker Nancy Pelosi's visit to Taiwan. The Chinese government considers this as a flagrant violation of the "one China" policy controlling the territory's status and an indication of US support for Taiwanese independence. 

US500 pulled back amid deteriorating market sentiment. Resistance at 4190 pts acts as the main obstacle for buyers and as long as index sits below, another downward impulse towards support at 3885 pts may be launched. Source: xStation5

Company news:

Caterpillar (CAT.US) stock fell nearly 4.0% in premarket after the heavy equipment maker posted slightly weaker than expected quarterly results. Company's sales were hurt by its exit from Russia as well as supply chain problems and higher costs.

Caterpillar (CAT.US) stock launched today's session lower and is testing local support at $185, which coincides with 38.2% Fibonacci retracement of the upward wave launched in March 2020. If current sentiment prevails downward move may accelerate towards $166.30 which is marked with lower limit of the 1:1 structure and 50.0% retracement. Source: xStation5

Uber Technologies (UBER.US) shares rose over 10.0% in premarket as better than expected revenue and positive cash flow overshadowed earnings miss.

Simon Property Group (SPG.US) stock rose over 2.0% in premarket after the shopping mall operator posted mixed quarterly results. reported. Earnings topped market estimates although revenue disappointed. Simon CEO David Simon said mall sales are doing well despite inflation concerns and that the company is positioned to do well in a potential recession. 

Pinterest (PINS.US) shares rallied more than 18.0% in premarket as trading news that activist investor Elliott Management became the company's largest shareholder overshadowed weak quarterly figures. Also user numbers fall less than expected.