US EQUITY OPEN: Indices open in the green as Tech leads the way ahead of FOMC Minutes/Nvidia earnings

OPEN: US indices opened in the green with Nasdaq 100 and Russell 2000 seeing similar gains of c. 0.7% amid a lack of US tier 1 data and Fed speak ahead of FOMC Minutes and the pivotal Nvidia earnings after-hours. Most sectors are firmer, with Technology leading the way and buoyed by semi/memory strengths with only Energy and Consumer Staples in negative territory as the latter is hit by cautious Target commentary post-earnings. Elsewhere, WTI and Brent are lower by c. USD 2/bbl amid a raft of geopolitical headlines. Treasuries are firmer across the curve ahead of the 20yr auction, while G10 FX performance is mixed vs. the Dollar. Antipodeans are rebounding from Tuesday's underperformance, and precious metals are gaining with spot silver outperforming its counterpart.

• Samsung Electronics' labour union has postponed strikes, union to hold a vote on a tentative pay plan. Vote to take place between the 23rd and 28th of May.
• Micron (MU) at a conference said its financial outlook has strengthened since last earnings call & on track for another substantial record FCF in Q3.
• Nvidia (NVDA): Earnings AMC; China last week banned NVDA RTX 5090D V2 imports.
• Roblox (RBLX): Authorised share buyback of up to $3bln.
• Toll Brothers (TOL): Profit & rev. beat.
• Lowe's (LOW): Midpoint FY guidance light.
• Analog Devices (ADI): Confirmed that it has agreed to acquire Empower Semiconductor for $1.5bln in cash; note, strong Q metrics & guidance.
• TJX Companies (TJX): EPS, rev. & comp. sales topped.
• Etsy (ETSY): Upgraded at Arete to 'Buy' from 'Neutral'.
• Cigna (CI): Downgraded at Deutsche Bank to 'Hold' from 'Buy'.
• Target (TGT): Solid Q report, but tone of comments in conference call was cautious.
• ASML (ASML) CEO sees tight supply in booming chip market as AI demand soars, according to Reuters.