US EQUITY OPEN: Indices open final session of the week lower, as NVDA drags Tech down

OPEN: US indices opened the last session of the week in the red with the vast majority of sectors lower, as Technology and Materials lag, while Energy is the only sector in the green buoyed by gains of c. USD 2.50/bbl in the crude complex. There has been plenty of commentary from Trump and the Iranian Foreign Minister this morning, with the former calling the China trip “an incredible visit”, and the latter noting "we have received messages from the US saying that they are seeking continued talks". The Dollar Index saw gains with Antipodeans the clear G10 laggards and hit by losses in metals and risk sentiment. Treasuries are at session lows. Session ahead is quiet, with only the Baker Hughes rig count scheduled. Focus still lies on any indication whether Trump is set to resume military operations on Iran this weekend. 

STOCK SPECIFICS:

• Applied Materials (AMAT): Earnings beat offset by risk-off mood.
• Figma (FIG): Beat earnings & raised guidance
• Boot Barn (BOOT): Earnings & outlook topped expectations
• Blackstone and CD&R are reportedly some of the firms considering a bid for Magnum Ice Cream (MICC).
• Elliott Investment Management has taken a stake in DexCom (DXCM).
• Babcock & Wilcox (BW) announced a USD 200mln common stock offering.
• Papa John's (PZZA) largest US franchisee, Nadeem Bajwa, is joining Irth Capital’s buyout bid for PZZA.
• C.H. Robinson (CHRW) upgraded at Citi to 'Buy' from 'Neutral'
• A.O. Smith (AOS) downgraded at JPM to 'Underweight' from 'Neutral'