US EQUITY OPEN: US indices mixed, as tech-heavy Nasdaq outperforms, ahead of a heavy Fed speaker slate

OPEN: US indices opened mixed, and within pretty tight ranges, as risk events await, in the form of Fed speak, data, earnings, and, of course, geopolitics. Sectors see negative bias, with Energy the clear laggard, and weighed on by oil with losses of around USD 1.50/bbl in benchmarks. The latest US/Iran updates include Iranian Foreign Minister Araghchi stating Tehran is discussing proposals with Qatari mediators to present to the US, and that a response is to be relayed to Tehran through Qatari mediators, and Iranian Foreign Minister said they expect a US response today. The Dollar Index is firmer, to the detriment of G10 FX peers, with the Aussie the underperformer after the RBA hiked rates by 25bps, though Governor Bullock tilted dovish. Precious metals are firmer, attempting to pare some of Monday's extensive losses, with Treasuries lower across the curve. Ahead, US Consumer Confidence and JOLTS are due at the top of the hour, followed by a slew of Fed speakers scheduled and Trump's AI-related lunch. STOCK SPECIFICS: Jefferies (JEF) reported a sharp decline in asset mgmt. rev. & weaker FI trading but saw record equity trading & IB rev. w/ a profit beat. AAR Corp (AIR) agreed to buy a 65% stake in aircraft maintenance Co. MRO Holdings for $1.8bln Goldman Sachs (GS) Board discussed replacing CEO David Solomon w/ President & COO John Waldron around end-2027 or 2028. AMD (AMD) to acquire World Labs for $8.2bln in all stock transaction AstraZeneca will invest USD 2bln in Summit Therapeutics (SMMT). PepsiCo (PEP) was downgraded at JPM on stalled US turnaround. uniQure's (QURE) Gene therapy continues to slow Huntington’s progression after four years, but magnitude of treatment’s benefit waned vs. similar analysis a year ago Carnival (CCL) surpassed Wall St. expectations on the top and bottom line.