US EQUITY OPEN: Intel strength leads NDX higher as FOMC awaits

OPEN: US indices opened with slight gains with the Nasdaq 100 outperforming and buoyed by strength in Intel (INTC) after its 18A-P chip process entered initial production. As such, Technology is the outperforming sector, with other sectors mixed, with Communication Services and Energy lagging. US/Iran updates continue, but participants await the signing in Geneva on Friday, with benchmarks currently firmer by c. USD 1/bbl. US retail sales were better than expected across the board, with little move seen, as participants await the upcoming FOMC confab this evening, accompanying SEPs, and Warsh’s first press conference as Fed Chair. Heading into the risk event, Treasuries are slightly pressured in the short-end, with the long-end noticing marginal gains with the front-end lower on firmer crude prices. Precious metals are in the green, as spot silver outperforms its counterpart. The Dollar is mixed against peers, with the Kiwi lagging, albeit on particular newsflow, with safe-havens relative outperformers. As mentioned, everyone awaits FOMC later in the session, followed by England’s first World Cup game after-hours.

• Intel (INTC) 18A-P chip process has entered risk production.
• Microsoft (MSFT) walked away from a USD 3bln deal to lease Oracle (ORCL) cloud capacity over security concerns. In response, Oracle disputed the BI report, calling the details in the report inaccurate.
• Diana Shipping (DSX) raised its offer to acquire Genco Shipping & Trading (GNK) for USD 27.34/shr.
• AST SpaceMobile (ASTS) successfully launched BlueBird 8, 9, and 10 satellites aboard a Falcon 9.
• Netflix (NFLX) denied reports that it planned to acquire Lionsgate Studios (LION).
• Aehr Test Systems (AEHR) announced a follow-on production order for its FOX-XP wafer-level burn-in system.

• La-Z-Boy (LZB): Earnings & outlook beat; announced new USD 300mln share buyback.
• CarMax (KMX): EPS & rev. beat.

• JPMorgan reiterated ‘Overweight’ rating for Broadcom (AVGO). 
• Citi initiated coverage of Figma (FIG) with a 'Buy' rating and USD 36 PT.
• Leidos Holdings (LDOS) was downgraded at BofA to 'Neutral' from 'Buy'.