US EQUITY OPEN: Indices open mixed as earnings continue and amid soft PPI

OPEN: US indices opened mixed, with the tech-heavy Nasdaq 100 seeing some pressure since the open, despite futures initially being buoyed by a strong ASML report in the European morning. Earnings season has continued with Financials once again largely impressing. Sectors are broadly in the green with Consumer Discretionary, Communication Services, and Financials sitting atop the pile, with only Energy and Industrials in the red; WTI and Brent are seeing gains between USD 0.40-0.80/bbl, with the former outperforming, as participants are watching the ever-growing escalation between US/Iran and any signs of progress, or further steps taken, with Trump earlier threatening Iran's bridges and energy facilities if Iran doesn't come to talks. The Dollar is mixed vs. peers with the Pound outperforming, amid reports Miliband will not becoming Chancellor and ahead of the Three Lions semi-final this evening. There was little reaction in the Loonie after the BoC held rates, as expected. Precious metals are mixed, while Treasuries are firmer across the curve. Following CPI on Tuesday, PPI was also cooler than anticipated, saw modest upside in USTs, equities, and pressure in the Dollar. Ahead, Fed Chair Warsh's testimony to the Senate, Fed Beige Book, and Netflix earnings after-hours are the highlights.

• ASML (ASML): EPS & rev. beat w/ strong next Q top line guidance & raising FY outlookMS +1.2%: Impressive Q metrics w/ strong rev. breakdown
• PayPal (PYPL): Stripe & Advent submitted an offer to acquire Co. for $60.50/shr; closed Tues. at $47.37/shr; PayPal (PYPL) is said to be unwilling to engage with the offer from Stripe and Advent, Semafor reports citing sources.
• Pentair (PNR): CFO resigns w/ dismal prelim Q2 results
• Lionsgate (LION): Attracts takeover interest from Bollore & Banijay
• BlackRock (BLK): AUM, EPS & rev. surpassed St. exp.
• Elevance Health (ELV): Benefit expense ratio +80bps Y/Y, although top & bottom line w/ solid FY profit outlook
• PNC Financial (PNC): EPS, rev., & NIl topped
• Merck (MRK): Phase 3 Keytruda study met the primary endpoint of PFS
• Conagra Brands (CAG): Sees FY profit below estimates
• Travelers (TRV): Downgraded at Morgan Stanley to 'Underweight' from 'Equal Weight'