US EQUITY OPEN: Stocks gain at the open as Trump suggests will be leaving Iran in two weeks or maybe three weeks

OPEN: US stocks open higher amid another leg lower in crude prices following Trump suggesting will be leaving Iran in two weeks or maybe three weeks. This adds to the optimism sparked by the Iranian President on Tuesday that they seek no war, preparing to end the war with guarantees against further attacks. All focus will be on Trump's nationwide address today on Iran at 21:00EDT/02:00BST. He is expected to show disgust for NATO regarding its approach to the Middle East conflict. Sectors are largely in the green; Energy and Staples lag with losses, the former weighed as oil prices unwind the gains seen at the start of the week. Nike (NKE) sinks over 13% as investors are underwhelmed by the turnaround efforts and soft guidance, as growth in North America takes a step back. In FX, the dollar continues to retreat as risk appetite picks up for major peers; EUR, GBP, and AUD outperform. Treasuries have experienced a modest sell-off following a couple of strong days of gains. Behind the move was the ADP monthly report (Feb) printing +62k gains in private employment (exp. +40k). Price action was more muted towards Retail Sales, printing 0.6% growth in February (exp. 0.4%). In precious metals, performance is mixed, gold outperforms (+72/oz) while silver is trading lower, alongside platinum and palladium. At the top of the hour, ISM Manufacturing (Mar) will be watched.

STOCK SPECIFICS 

• Energy SPDR ETF (XLE) -2.5%: Oil prices slip after Trump said could leave Iran within two to three weeks.
• Nike (NKE) -11.4%: Soft guidance; downgraded at JPM, GS, & BofA.
• RH (RH) -22.0%: Profit, rev. & outlook missed.
• Calm-Maine Foods (CALM) +4.2%: EPS & rev. beat.
• nCino (NCNO) +22.8%: Quarterly metrics & guidance topped expectations.
• Target Hospitality (TH) +35.1%: Secured over a USD 550mln data centre hub contract.
• Bank of America (BAC) +1.1%, Wells Fargo (WFC) +1.4%: Banks upgraded at HSBC to 'Buy' from 'Hold'.
• UnitedHealth (UNH) +1.0%: Upgraded at Raymond James to 'Outperform' from 'Market Perform'.
• Rivian (RIVN) +2.5%: Upgraded at DA Davidson to 'Neutral' from 'Underperform'.