US EQUITY OPEN: Tech leads stocks higher as NVDA hits a new ATH as Iran response awaits

OPEN: US indices opened the final trading session of the week in the green, with the tech-heavy Nasdaq 100 outperforming. Tech is also the sectoral outperformer amid broad-based gains in the space, highlighted by Nvidia hitting a new ATH. Overall sectors are mixed, albeit with an upside bias, with Energy the laggard. WTI and Brent are flat-to-lower as participants await Iran’s response to the US, after new strikes overnight. Also aiding the stock upside was a stellar US jobs report, whereby the headline topped expected, wages M/M was cooler than anticipated, and u/e rate remained at 4.3%. The dollar is lower to the benefit of most G10s, ex-CAD, which is hit following weak Canadian labour market metrics. Treasuries are firmer, as are precious metals, as UoM prelim awaits at the top of the hour. After that, and as mentioned, focus will be on any further geopolitical updates ahead of the weekend.

STOCK SPECIFICS:

• CoreWeave (CRWV): Deeper than exp. loss per shr. w/ disappointing next Q rev. guide & raised capex guide
• Akamai (AKAM): Announced a major AI infrastructure deal w/ a frontier model provider
• Microchip (MCHP): Top & bottom line surpassed Wall St. exp$MNST +9%: Strong Q metrics
• Iren (IREN): NVDA will invest up to $2.1bln as part of a deal to deploy up to 5 gigawatts of AI infrastructure
• Monster Beverage (MNST): Adj. EPS and rev. beat.
• Coinbase (COIN): Surprise loss per shr. & rev. light
• Nike (NKE): Downgraded at Wells Fargo