US OPEN: Wall Street opens higher as oil prices stabilize

• US stock opened higher
• Iranian deal could be finalized shortly
• Weekly jobless claims fell more than expected
• Snowflake (SNOW.US) stock sinks amid weak revenue growth

US indices launched today's session higher despite escalating Russia military actions against Ukraine. Information regarding an alleged deal with Iran that could allow the country to export more oil offered a relief to soaring energy costs. Iran can reach the maximum oil production capacity in less than one or two months if sanctions are lifted, according to Oil Minister Javad Owji. On the data front, weekly claims fell way more than anticipated to an 8-week low of 215K. Fed Chair Powell will speak to the Senate Banking Committee for his second day of Congressional testimony, however this usually has minor impact on markets. 

US100 rose sharply on Thursday and is currently testing major resistance at 14350 pts which coincides with 23.6% Fibonacci retracement of the upward wave launched in March 2020 and 200 SMA (red line). Source: xStation5

Company news:

Snowflake (SNOW.US) stock plunged 20% after the data-analytics software company reported the slowest revenue growth since at least 2019. Company reported revenue of $383.8 million compared to analysts’ estimates of $372.6 million. Revenue grew 101% year over year in Q4, while in the previous quarter growth reached 110%.The company reported a $132 million net loss, which is a significant improvement compared to $199 million in the year-earlier quarter.

Snowflake (SNOW.US) stock launched today's session with a bearish price gap and if current sentiment prevails downward move may accelerate towards support at $187.00, where May 2021 lows are located. On the other hand, if buyers manage to regain control, nearest resistance lies at $234.00 and coincides with 78.6% Fibonacci retracement of the last upward wave. Source: xStation5

Intel (INTC.US) stock dropped over 2.0% in premarket after Morgan Stanley downgraded its stance on the major chip producer to ‘underweight’ from ‘equal weight”, on relative valuation grounds.

Splunk (SPLK.US) stock jumped over 2.0% before the opening bell after the software company unexpectedly posted better than expected quarterly results, while also announcing a new CEO.

Best Buy (BBY.US) shares surged 5.6% in premarket despite the electronics retailer posted mixed quarterly figures. Company earned $2.73 per share, in line with market expectations. Revenue of $16.37 billion came in below analysts’ projections of $16.6 billion. However, the company announced it was raising its quarterly dividend by 26%.