US EQUITY OPEN: Indices open higher led by technology

• OPEN: Stocks opened in the green on Monday after the long weekend, with Nasdaq leading the gains owing to gains in the tech sector, as semis outperforming (SOXX +4%) and memory names also caught a bid (+7%). Industrials are also outperforming with gains in Boeing (BA) providing support after it launched its fourth 737 MAX assembly line to support higher production. Elsewhere, other sectors are largely lower with underperformance in the traditional haven sectors, Health Care, Consumer Staples and Real Estate. Elsewhere, the dollar is firmer, with GBP and AUD outperforming, while CHF and JPY lag in summer trade with carry trades driving FX price action, and gold is also lagging. Energy prices are only marginally lower, but some weakness was seen after Saudi Aramco lowered its Arab light crude oil OSP to Asia by USD 11.00/bbl, to a USD 1.50/bbl discount - the largest cut in 26 years. There is little to report on geopolitics, though reports note that Islamabad is the more likely venue for the next round of US-Iran technical talks, and 11th July has been touted as the potential meeting date. Elsewhere, the final S&P Global Services PMI was revised down to 51.2 from 51.3, but was still up from the 50.7 final reading in May reading. The ISM Services PMI fell slightly more than expected but employment rose back above 50 while prices dropped. 

STOCK SPECIFICS

• Broadcom (AVGO): To develop and supply a range of custom ASIC silicon products for Apple
• TeraWulf (WULF): Announces Anthropic lease at its Justified Data campus
• Strategy (MSTR): Reduced Bitcoin holdings by 3.5k BTC
• Element Solutions (ESI): To be acquired by Solstice Advanced Materials in a USD 14.5bln cash-and-stock deal
• ASML Holding (ASML): Price target raised at Bernstein to USD 2.623k (prev. USD 1.971k)
• Datadog (DDOG): Downgraded at Bernstein