US EQUITY OPEN: Stocks slip amid global risk-off as Middle-East conflict marches on

OPEN: US stocks open lower in sympathy with global indices as upward pressure in energy prices outside the US weighs on the global growth outlook. The escalation comes amid Israel's attack on Iran's energy facilities on Wednesday, which sparked a retaliation from Iran on those in Qatar and Saudi. Sectors are mainly in the red, Healthcare & Energy outperform, while Materials are the worst performers. Miners/metals names are hit this morning as metal prices slide on more central banks after the Fed, BoE, ECB, BoJ, SNB, and Riksbank decided to hold rates amid uncertainty around the impacts stemming from the Middle-East conflict. Meanwhile, memory names lag after Micron earnings, while impressive on the top and bottom line alongside strong guidance, sparked concern amongst some who view its GM as peaking amid its increased capex outlook as well as fears that we are nearing the end of the memory spending cycle. Despite the rise of European oil and gas, moves have been more modest in the US given it is less reliant on imports. In FX, the dollar is weaker as JPY, EUR, GBP, and NZD place more attention towards their hawkish rate outlook from higher energy prices, rather than tracking the prospect of lower growth. AUD lags after an employment miss. For Treasuries, yields have moved higher across the curve in line with the global fixed move, with the US 2yr yield peaking at 3.957%.

STOCK SPECIFICS

• Micron (MU): Concerns over peak GM from capex outweigh earnings beat.
• Alibaba (BABA): Profit and rev. missed.
• Align Technology (ALGN): Elliott Investment Management takes a significant stake.
• Rivian (RIVN): Partnered with Uber on Robotaxis; Uber to invest $1.25B in Rivian.
• Five Below (FIVE): Q metrics & guidance beat.
• Accenture (ACN): FY profit outlook missed..