US OPEN: Wall Street opens lower, Coinbase sinks 20%

• Wall Street indices launched today's trading lower

• S&P 500 pulls back from the 61.8% retracement

• Coinbase sinks 20% as SEC sues

Wall Street indices launched today's trading lower. Major US indices traded 0.1-0.4% lower at the beginning of today's cash session. Economic calendar for today is empty but there are plenty of stock stories. Coinbase sinks 20% after SEC sued company for operating as unregistered broker while GitLab rallies around 20% after better-than-expected earnings.

Source: xStation5

S&P 500 futures (US500), as well as other Wall Street indices, are pulling back today. Taking a look at US500 at D1 interval, we can see that the index tested resistance zone, marked with 61.8% retracement of the downward move launched in early-2022, but bulls failed to break above. Price pulled back later on and, as a result, a shooting star candlestick pattern was painted on D1 interval. This is a bearish pattern and should we see index continue to slide, bears may attempt to push it down to the support zone marked with 50% retracement, where the lower limit of a local market geometry can also be found.

Company News

GitLab (GTLB.US) surges after reporting fiscal-Q1 2024 (calendar February - April 2023). Company reported a 45% YoY jump in revenue, to $126.9 million (exp. $117.8 million), and an adjusted loss per share of $0.06 - down from $0.18 loss in a year ago quarter and above median estimate of $0.14 loss. Apart from better-than-expected results, GitLab also provided better-than-expected forecasts. Revenue in fiscal-Q2 2024 is seen between $129 million and $130 million (exp. $127 million) while adjusted loss per share should shrink to $0.02-0.03 (exp. $0.08). Revenue in full fiscal-2024 is seen at $541-543 million, up from a previous forecast for $529-533 million and above $531 million expected. Full-year adjusted loss per share is seen at $0.14-0.18.

GitLab (GTLB.US) launched today's trading with an around-25% bullish price gap. Stock surged after better-than-expected fiscal-Q1 earnings and upbeat full-year forecast. Two near-term levels to watch are $42 swing area (support) and $47.50 price zone (resistance). Source: xStation5

Mobileye Global (MBLY.US), Israeli automated driving technology company, launched today's trading lower following an announcement from Intel (INTC.US). Intel announced that it is offering 35 million shares in Mobileye with an option to sell further 5.25 million shares. Intel was an early investor in Mobileye and a lockup period to sell its shares ended in late-April. Nevertheless, Intel will retain an around 88% stake in the company.

Unity Software (U.US) extends gains today, following a 17% rally yesterday. The move yesterday was triggered by Apple saying that it is working with Unity to bring content on its Vision Pro headset. Unity trades around 5% higher today. 

Coinbase (COIN.US) is plunging after the US Securities and Exchanges Commission (SEC) sued the company for operating as an unregistered broker since 2019. Coinbase stock is slumping 20% today.

Mobileye Global (MBLY.US) is trading lower today after Intel announced plans to sell part of its stake in the company. Stock launched today's trading with an around-5% bearish price gap and dropped below $41 support zone. However, an attempt to recover from those losses could be spotted in the first minutes of cash trading on Wall Street today. Source: xStation5