US EQUITY OPEN: Stocks open in green ahead of UNGA and Xi/Trump summit

Stocks opened in the green with the Nasdaq outperforming, although the equal-weight S&P is flat. The majority of sectors are firmer, with Communication Services, Consumer Discretionary and Technology outperforming, while Energy, Consumer Staples and Utilities lag.

Communication Services gains are largely being led by a 5% jump in Meta (META), while Energy stocks are tracking the crude complex lower amid hopes for diplomacy ahead of the UN General Assembly. This comes despite Trump stating over the weekend that he was considering "blowing up" Iran, although he also signalled an openness to meeting the Iranian President, who is set to be in New York on Tuesday for the UNGA.

Elsewhere, participants will be watching the outcome of the Trump/Xi meeting for any developments or deals on trade between the US and China. In FX, the Antipodeans outperform amid the risk-on tone, while the Yen continues to lag following last week's BoJ decision, despite Friday's rate check by Japanese authorities. Treasury yields are lower across the curve alongside the decline in oil prices, while attention also turns to this week's supply.

STOCK SPECIFICS

• Accenture (ACN): Partnering with Anthropic to establish a team of embedded evaluators
• Warner Bros. Discovery (WBD) / Paramount Skydance (PSKY): Paramount Skydance and California's AG are discussing settlement concessions over a lawsuit blocking the merger between the companies
• Novo Nordisk (NVO): 2030 targets disappoint
• Critical Metals (CRML): Clear Street argues a Trump-Greenland agreement could accelerate Critical Metals' Tanbreez development
• MP Materials (MP): China Rare Earth Group reportedly in talks to acquire control of Shenghe Resources, which holds a 3% stake in MP Materials
• Ciena (CIEN): Upgraded at Evercore ISI to 'Outperform' from 'In Line'
• Telix Pharmaceuticals (TLX): Agreed to acquire ITM Isotope Technologies Munich for USD 1.65bln
• Alkermes (ALKS): Orexin agonist reportedly shows potential to treat ADHD in an early-stage trial