US EQUITY OPEN: Indices rangebound ahead of FOMC and major earnings

OPEN: US indices initially opened in the green, albeit in contained territory, as stateside risk events await with FOMC, and earnings from GOOGL and MSFT the highlights. Although, there has been a deluge of US earnings. However, since the open there has been some pressure in stocks. Sectors are mixed with Health and Communications sitting top of the pile, with the former supported by a strong GEHC report, and the latter by OpenAI planning to acquire AI chips from GOOGL. Moreover, supporting the memory space is a stellar report from SK Hynix, who surged in overnight trade, and continue the gains in their US listing. The Dollar Index is flat with mixed performance against G10 FX peers, but the Kiwi is the distinct laggard following the surprise RBNZ hold overnight. In more recent trade, the Loonie saw little move after the BoC hiked rates by 25bps, as expected, while noting further hikes may be needed, but they have agreed to proceed carefully. Finally in FX, the Pound was rangebound during, and after, the UK budget. WTI and Brent are firmer by c. USD 2/bbl, amid with conflicting reports regarding a new proposal to end US-Iran conflict; latest reports suggested that Qatar has not presented a new proposal to end hostilities between Iran and the US. Treasuries and precious metals are lower as the aforementioned risk events await. STOCK SPECIFICS: OpenAI plans to purchase AI chips from Google (GOOG). Trian offering to buy Wendy's (WEN) for $1.4bln or $7.35/shr in cash; note, WEN closed Tues. at $6.14/shr. EARNINGS: SK Hynix (SKHY): EPS & rev. topped supported by strong AI-driven memory demand, higher chip prices & substantial shareholder return plan NXP Semiconductors (NXPI): Next Q outlook underwhelmed investors Enphase Energy (ENPH): Headline metrics missed w/ dismal next Q rev. guidance Amphenol (APH): Top & bottom line beat w/ strong Q4 view Robinhood Markets (HOOD): Rev. marginally light & transaction-based rev. fell short PPG Industries (PPG): EPS, rev. beat & raised midpoint of FY profit view Vertiv (VRT): Stellar Q report & FY outlook GE Vernova (GEV): Q nos. beat Wall St. exp. alongside lifting FY numbers GE HealthCare (GEHC): Solid report as major metrics impressed & lifted 2026 outlook Boston Scientific (BSX): Weak next Q view & cut FY figures Etsy (ETSY): EPS & rev. surpassed Wall St. exp. Visa (V): Higher-than-exp. client incentives & potentially underwhelming EPS outlook overshadowed stronger-than-exp. results