US EQUITY OPEN: Tech sell-off sends NDX plummeting after Asia sell-off

OPEN: US indices opened with losses as the tech-heavy Nasdaq 100 notably underperforms, and continues on from the sell-off seen overnight in Asia trade as the KOSPI index closed with losses of c. 10%. Given this, US tech names are seeing heavy selling as highlighted by the semiconductor ETF SOXX currently lower by c. 7.5% with the Memory ETF DRAM -13%, with Tech the clear lagging sector. Overall, sectors are mixed with Consumer Staples and Health sitting atop of the pile. Given the risk sentiment, the Dollar is gaining vs. G10 peers with Antipodeans sold, and safe-havens, CHF and JPY, the outperformers, albeit only flat. Precious metals reside in the red with spot silver noticing greater losses than its counterpart. Treasuries are firmer ahead of the US 2-year auction, while the crude complex is slightly lower as focus remains on the Iran-US situation. On the data footing, US S&P Global flash PMIs saw manufacturing and services rise and top forecasts. Ahead, the calendar is pretty light with attention on Micron earnings after-hours on Wednesday as the next catalyst for the tech sector. 

STOCK SPECIFICS:

• Qualcomm (QCOM) is in advanced discussions to acquire AI chip startup Modular for ~$4bln
• IBM (IBM) was upgraded at JPM to 'Overweight' from 'Neutral'; also, Trump positively mentioned the CEO
• Accenture (ACN) is to boost share buyback by $2bln
• Target (TGT) upgraded at Wolfe Research to 'Outperform' from 'Peer Perform'.
• Apollo (APO) private credit fund caps redemptions at 5% after investors sought to withdraw c. 16.8%
• Nike (NKE) downgraded at Evercore ISI to 'In Line' from 'Outperform'.
• Oracle (ORCL) total workforce declined 13% or c. 21k in FY26
• AMC Entertainment (AMC) to raise $200mln in common stock offering.
• Primoris Services (PRIM) cut FY26 EPS view