US EQUITY OPEN: Indices in the green but off peaks amid conflicting Middle East reporting

OPEN: US indices reside in the green, as do the vast majority of sectors,  in choppy trade amid a deluge of US/Iran headlines, and many conflicting latest reports from US Secretary of State Rubio noting not there yet on an Iran deal and Pakistan Foreign Ministry adding "not aware of any visit" to Iran planned by the Army Chief. Elsewhere, the key points, include: 1) initial reports via Saudi press that provided details of the peace plan, 2) reports the Pakistani Army Chief has left for Iran to finalise an agreement, which was later push backed by the Pakistani Foreign Minister), 3) Qatar sending its own team to help secure a deal, 4) WSJ’s Norman suggesting that draft deals circulating were inaccurate. As such, this has seen two-way trade across assets, with the crude complex and the Dollar gaining in recent trade on the push backs. As such, G10 FX performance is mixed, with Antipodeans lagging on the reversal in risk, and also weakness in precious metals. Treasuries are still firmer, albeit off highs, as traders await Fed’s Waller speaking as well as Warsh being sworn in as Fed Chair.

STOCKS SPECIFICS:

• AMD (AMD): CEO said it is working w/ Taiwan partners to increase prod. capacity as stronger-than-exp. demand tightens global CPU market.
• Workday (WDAY): Stronger than exp. results, upgraded margin forecast w/ mgmt. citing strength in AI & rising use of its AI agents.
• Zoom (ZM): EPS & rev. topped alongside raising FY27 outlook.
• Ross Stores (ROST): Stellar Q1 report, supported by strong comp. sales, higher customer traffic, better margins & raised FY outlook.
• Take-Two Interactive (TTWO): Metrics beat & as it reiterated 19th Nov. release date for GTA6; note, next Q & FY guidance disappointed.
• Alcoa (AA): Upgraded at UBS to 'Buy' from 'Neutral'.
• Inspire Medical (INSP): Downgraded at BofA to 'Underperform' from 'Neutral'.