US EQUITY OPEN: Stocks hit on geopolitics and private credit woes

US EQUITY OPEN: Stocks have opened in the red on Tuesday, paring some of the optimism seen on Monday as questions remain regarding the overhang of Trump's claim about meetings with Iran, but reports today suggested Iran Supreme Leader has agreed to negotiate but others highlight that chances of an agreement are very small. Geopolitics continues to overhang markets with focus now largely on any confirmed discussions between the US and Iran, and if any progress is made but the situation remains very fluid. Aside from geopolitics, ongoing private credit concerns continue to weigh and are also likely hitting sentiment today after Ares (ARES) and Apollo (APO) announced redemption caps after elevated withdrawal requests. The majority of sectors are red with Tech leading the downside while Energy stocks add to recent gains. Elsewhere, the Flash S&P Global PMI data for March saw a beat on manufacturing but miss on services, seeing the composite decline. Treasury yields are firmer across the curve by between 5-7bps with the greatest moves seen in the belly while attention turns to the 2-year supply later today. Oil is gaining, paring some of the weakness seen on Monday while Gold prices are lower as yields rise but also on reports that Turkey is considering tapping its USD 135bln gold reserves to defend the Lira.

STOCK SPECIFICS

Apollo Global Management (APO): Reportedly capped withdrawals from its Debt Solutions fund at 5% of outstanding shares after redemption requests reached 11.2%
Jefferies Financial Group (JEF): SMFG is reportedly working on plans for a possible takeover of Jefferies. However, Jefferies said it is not for sale.
Janus Henderson Group (JHG): Trian and General Catalyst agree to increase merger consideration to 52.00/shr in cash for JHG.
Smithfield Foods (SFD): Earnings beat
Core & Main (CNM): Revenue outlook fell short
Concentrix (CNXC): Profit metrics and guidance missed
Ralph Lauren (RL): Upgraded at Citi to 'Buy' from 'Neutral'
CoreWeave (CRWV): Reinstated coverage at BofA with a 'Buy' rating