US EQUITY OPEN: Indices in the red, albeit rangebound, in quiet trade

OPEN: US indices opened in the red, albeit in very thin newsflow, with sectors predominantly beneath the unchanged mark. Energy is the only sector in the green and clear outperformer, buoyed by gains of c. USD 2.50/bbl in the crude complex. Over the weekend the US attacked two missile launchers of the IRGC on Larak Island on Sunday, while IRGC later said that they retaliated with missiles and drones against two US bases in Jordan and warned that any attack against them will be met with a more devastating response. In more recent trade, Trump remarked US will respond to Iran attacks, and separate Iranian sources said Tehran’s retaliation for US strikes on Larak showed “no target in the region is beyond Iran’s reach". Back to sectors, Utilities is the clear laggard and hit by weakness in PCG, EIX, and SRE. G10 FX performance is very rangebound vs. the Greenback, while Treasuries are steeper, with the short end bid and the long-end sold. Precious metals are also lower. Calendar ahead is empty, with highlights later in the week being ISM Mfg. PMI, JOLTS (Tues), Beige Book (Wed), Waller, ISM Svcs. PMI (Thurs), and NFP (Fri). STOCK SPECIFICS: Pinterest (PINS) CFO Julia Brau Donnelly resigned to pursue another opportunity. PG&E (PCG) received multiple downgrades after California lawmakers blocked proposed wildfire liability reforms. GameStop (GME) Q2 prelim sales topped expectations. Coinbase (COIN) and WeBull (BULL) expand partnership. SAIC (SAIC) beat on top and bottom line, with FY guidance better than anticipated. Engine Capital is pushing for EPAM Systems (EPAM) to boost share buybacks or consider putting itself up for sale, reports FT. Nvidia (NVDA) CEO Huang confirmed USD 3.5bln investment in MediaTek (2454 TT); Vera Rubin platform gives Nvidia USD 40bln+ of revenue per GW.