US OPEN: Wall Street opens lower as jobless figures disappoint

• Jobless claims rise more than expected
• US lawmakers approved a stopgap government funding bill
• Tesla (TSLA.US) shares are "Dramatically Overvalued" according to JPMorgan analysts

US indices launched today’s session lower as disappointing weekly jobless claims report suggested a stalling recovery in the labor market. Claims rose to a 2-1/2-month high of 853K amid surging coronavirus cases and more restrictions. Meanwhile investors wait for more details regarding stimulus negotiations and coronavirus vaccines. Yesterday House of Representatives approved a one-week extension of federal government funding to provide more time for negotiations, but an agreement has remained elusive due to disagreements over aid to state and local governments and business liability protections.Meanwhile US FDA will meet tomorrow to discuss the Pfizer/BioNTech vaccine.

US30- index is testing the major support at 30000 pts which is additionally strengthened by 50 SMA (green line). A close below this level could encourage market bears to press towards next support at 29557 pts. However if buyers will manage to regain control then another upward impulse towards resistance at 30265 pts could be launched. Source: xStation5

Tesla (TSLA.US) stock fell more than 4.0% in premarket after negative recommendation from JPMorgan. "Tesla shares are in our view and by virtually every conventional metric not only overvalued, but dramatically so," the analysts wrote in a note to clients. JPMorgan advised clients to avoid raising stakes in the company as its share price far outpaces fundamentals. The analysts lifted their price target to $90 from $80, implying an 86% plunge from Tuesday's close over the next 12 months.

Tesla (TSLA.US) stock launched today’s session lower, below the psychological level of $600. If the current sentiment prevails, the downward move could be extended to the $555.00 handle which is additionnaly strengthened by 50 SMA (green line). Source: xStation5

Best Buy (BBY.US) stock fell 1.8% after Goldman Sachs downgraded company to "sell" from "neutral" based on its predictions for the stock price and not a negative view on the company  Goldman is downgrading the stock on valuation and potentially difficult comps, among other factors.

Facebook (FB.US) stock fell 1.7% in pre-market, extending yesterday losses after the Federal Trade Commission and 48 states accused company of engaging in anti-competitive behavior and seek to force the company to sell both Instagram and Whatsapp.

Ciena (CIEN.US) shares fell 4% in pre-market the company reported quarterly earnings of 60 cents per share, while analysts expected earnings of 63 cents per share. However revenue beat market expectations. The networking systems and services company is expecting that challenging market conditions will remain in the near future, but remain confident in its ability to perform over the long term.