US EQUITY OPEN: Indices firmer as tech attempts to retrace Tuesday's losses as Micron earnings await

OPEN: US indices opened with slight gains as the majority of sectors sit in the green, although Energy is the clear laggard and weighed on by losses of c. USD 3/bbl in the crude complex. Health and Consumer Discretionary sit atop of the pile, with tech names attempting to retrace some of Tuesday’s heavy selling. The Dollar is gaining to the detriment of G10 peers as the Kiwi lags, while precious metals are pressured and even saw spot gold fall beneath USD 4k/oz. Treasuries have seen strength through the session so far, potentially amid the tumbling oil prices and also on haven appeal ahead of the 5yr auction later in the session. Once again, the calendar ahead is pretty thin with the key risk events being Micron earnings after the closing bell, as well as the latest Fed bank stress tests.

STOCK SPECIFICS:

• Hertz (HTZ) files for offering of up to $100mln shares of common stock & disappointing guidance
• Cerebras Systems (CBRS) sees decline in GMs, overshadowing strong rev. growth
• FedEx (FDX): Weaker-than-exp. profit guidance overshadowed stronger Q4 results & mgmts. positive comments on transformation efforts
• Alphabet (GOOG) to replace Verizon (VZ) in the DJIA, effective BMO on June 29th
• GameStop (GME) CEO Cohen will forgo potential $35bln performance pay package to focus on his bid to acquire eBay (EBAY).
• Take-Two Interactive Software (TTWO) pre-order of GTA 6 begins on June 25th.
• Samsung Electronics plans a $58.61bln share buyback linked to employee stock bonuses
• Sunrun (RUN) agrees with Renew Home and Tesla (TSLA) to deliver more than 16 GW of power for data centers and large loads; says it is "deployable in months, not years".
• OpenAI and Broadcom (AVGO) unveil LLM-optimised intelligence processor