US EQUITY OPEN: Tech outperforms as stellar Dell report supports sector

OPEN: US indices opened mainly with gains, although the small-cap Russell 2000 (-0.5%) lags while most sectors sit in the red. Communications and Consumer Staples reside at the bottom of the pile, with Technology the clear gainer and supported by notable strength in Dell (+32%) following a stellar earnings report. There has been a lack of tier 1 US data to conclude the week (ahead of ISM and NFP next week), but there has been a couple of Fed speakers, with more scheduled as most participants await any meaningful US/Iran update. On that footing, WTI and Brent is currently seeing losses of c. USD 1.50/bbl as the two sides seem closer to a deal, but not there yet. Treasuries have inched higher in rangebound trade, while precious metals also sit in firmer territory. The Dollar is seeing mixed performance vs. G10 peers, whilst the Kiwi outperforms after hawkish speak from RBNZ officials and the CAD lags.

• Dell (DELL): Stellar report; beat exp., posted fastest post-listing sales growth, benefited from strong AI server demand & raised outlook
• Autodesk (ADSK): Agreed to acquire MaintainX in an all-cash transaction valued at about $3.6bln; earnings impressed & lifted guidance
• Okta (OKTA): EPS & rev. topped
• NetApp (NTAP): Top & bottom line surpassed exp. w/ better than exp. guidance
• Gap (GAP): Cut sales outlook following weaker-than-exp. Old Navy performance w/ seasonal ranges failing to resonate with shoppers
• American Eagle Outfitters (AEO): Underwhelming report
• Snowflake (SNOW): Upgraded at HSBC