US EQUITY OPEN: US indices opened in the green but have pared gains amid soaring US Treasury yields

OPEN: US indices opened the final trading session of the week in the green as the Nasdaq 100 outperformed and was buoyed by Amazon surging after earnings. As such, Consumer Discretionary is the clear outperforming sector, with only Communication Services and Industrials the other ones in the green. Materials and Health are the sectoral laggards. Separately, Apple is declining following its quarterly report as weak services, iPad and China sales, below-forecast revenue guidance and warnings of severe supply constraints all weigh on shares. However, since the open, US indices have seen pressure following the broader market moves of soaring US Treasury yields. Hawkish dissenters Hammack and Kashkari gave their reasoning, as we wait to hear from Logan. WTI and Brent are firmer by c. USD 2/bbl, and in recent trade US Treasury yields have seen notable gains (30-year above 5.25%), which in turn is lifting the Greenback and weighing on precious metals. The Yen remains the outperformer and continues following Thursday's hefty gains, which sparked intervention speculation. Nikkei sources yesterday said Japan's government and BoJ intervened in the FX market yesterday by buying yen and selling dollars, while desks conducted rate checks. 

• Apple (AAPL): Weak services, iPad and China sales, below-forecast revenue guidance and warnings of severe supply constraints weigh on shares
• Amazon (AMZN): Reported faster AWS growth; stronger-than-expected revenue reassured investors that heavier AI and data centre spending is being matched by accelerating cloud demand
• ExxonMobil (XOM): Adj. EPS missed
• Chevron (CVX): Adj. EPS & rev. beat
• AbbVie (ABBV): Cut FY26 profit guidance
• Linde (LIN): FY EPS view fell short
• Eaton (ETN): Earnings beat; raised FY26 guidance
• Stryker (SYK): FY profit outlook failed to offer meaningful upside after cyber-incident recovery progress
• Coinbase (COIN): Reported wider-than-expected loss and a revenue miss
• Roblox (RBLX): Revenue miss; Q3 sales guidance below forecasts; withdrew its annual guidance amid persistent monetisation softness.
• Reddit (RDDT): Soft Q3 sales guidance
• Replimune (REPL): FDA advisory committee backed RP1 plus nivolumab in advanced melanoma.