US Equity Open: Stocks softer; SNOW, DLTR and BBY surges while CRM falls after light guidance

OPEN: US equities open on the softer side but off worst levels as indices remain near ATHs. Energy has gotten a boost this morning, following overnight reports that US forces struck an Iranian military site in Bandar Abbas while Iran's IRGC targeted a US air base in retaliation. The upside in energy prices has weighed on T-notes, however only by a modest 3 ticks. Updates this afternoon on supply include a USD 77bln 7-year note auction. Sectors highlight a negative bias, with Health and Energy the only sectors printing decent gains. Materials is the underperformer, closely followed by Industrials. G10 FX trades with narrow breadth, with the AUD the underperformer -0.2% while the Kiwi outperforms by 0.1%; DXY unmoved following Core PCE Price Index came in-line with expectations, while GDP 2nd Estimate missed consensus. Precious metals continue to be weighed on by rising inflation expectations.

STOCK SPECIFICS

• Salesforce (CRM): Light FY revenue guidance.
• Marvell (MRVL): Strong Q1 earnings and guidance.
• Snowflake (SNOW): Strong Q1 earnings and guidance, with expanded AWS commitment.
• HP (HPQ): Narrows FY earnings outlook.
• Nebius (NBIS): Leopold Aschenbrenner discloses 5.6% stake.
• Li Auto (LI): Hybrid sales slowed, shrinking margins.
• XPeng (XPEV): Annual growth in gross margin.
• Dell (DELL): Awarded USD 9.69bln US Navy contract.
• Best Buy (BBY): Comp sales beat.
• Dollar Tree (DLTR): Adj. EPS beat and raises EPS guidance.