US EQUITY OPEN: Indices see pressure after latest Trump Truth as SPCX opens today

OPEN: US indices saw downside amid broader risk-off trade in wake of Trump’s latest Truth Social post; he said the terms that Iran leaked out to the Fake News have nothing to do with the terms that were agreed to, in writing. Following this, saw immediate downside in stocks, gold, and Treasuries, while the Dollar and oil saw strength. WTI and Brent now off lows and down by USD 0.80/bbl, as participants await further Middle East rhetoric into the weekend. G10 FX peers are lower vs. the Dollar, with the next risk event prelim UoM for June at the top of the hour. Sectors are mixed with Consumer Discretionary and Technology lagging, while Materials and Energy sitting atop of the pile. Away from the Middle East, SpaceX is set to IPO today with shares indicated to open at USD 174/shr vs. IPO price of USD 135/shr.

STOCK SPECIFICS:

• Index Changes: Astera Labs (ALAB), CoreWeave (CRWV), Nebius Group (NBIS), Rocket Lab (RKLB) and Teradyne (TER) will be added; Charter Communications (CHTR), Cognizant Technology (CTSH), Insmed (INSM), Verisk (VRSK) and Zscaler (ZS) will be removed.
• Adobe (ADBE): Reported a USD 500mln organic guide-down to H2 ARR; CFO leaving for MRVL, reinforcing software-sector AI disruption concerns; overshadows record results, AI-driven demand & raised outlook
• Lennar (LEN): Rev. missed.
• Nvidia (NVDA): Informed Chinese clients “Vera” CPU could be available in August w/ orders being accepted
• AMD (AMD): Citi upgraded AMD to 'Buy' from 'Neutral'.
• Travelers (TRV): Downgraded at Barclays to 'Underweight' from 'Equal Weight'