US EQUITY OPEN: Stocks rally at the open as yields and energy prices tick lower

OPEN: US stocks open higher, lifted by a consecutive day of broad strength across sectors, helped by lower US yields and energy prices. Utilities, Industrials, and Tech lead gains, meanwhile, Energy lags amid lower crude prices as recent newsflow suggests Saudi Arabia's East-West pipeline is operating at 5.8mln bpd despite recent Houthi attacks. Western Digital (WDC -5.6%) and Seagate (STX -5.6%) are seeing another round of weakness, following Bloomberg reports that Seagate and Toshiba are competing to acquire TDK’s HDD magnetic heads business. Separately, Constellation Energy (CEG +14%) is rallying after an agreement with Google to bring 890 MW of new nuclear capacity to the PJM grid over 20 years. In Fixed, US yields are tracking the move lower in crude prices, with focus now on the US 3yr note auction in the afternoon. Once US participants arrived in the morning, USD pressure accelerated as OATs initially received the National Rally's Le Pen remarks on fiscal policy as somewhat market-friendly given the recent market turmoil, albeit the move has since faded in French yields, and as such USD is recovering. Despite the weaker USD and lower US yields, spot gold is only up a modest USD 12/oz, whilst silver is little changed. AMD (AMD): CEO Su said will substantially increase supply in '27 Constellation Energy (CEG), Alphabet (GOOG): Google enters into 3,590 MW power deal w/ CEG Option Care Health (OPCH): McKesson & Clayton Dubilier & Rice nearing deal to acquire Co. for >$5bln incl. debt Becton Dickinson (BDX): Will invest $3bln to expand US manufacturing of essential medical products Mattel (MAT): Ariel Investments urges Co. to explore strategic alternatives incl. asset sales, merger or sale AbbVie (ABBV): Next Q & FY profit guide underwhelms Corteva (CTVA): Upgraded at JPM Lenna (LEN): Berkshire Hathaway bought a further 2.4mln shares of Lennar last week and now owns a 12% stake in the Co., worth c. USD 2.2bln. Marvell (MRVL) sees an approx. USD 400bln total addressable market for the Co. by 2030; Expects approx. USD 20bln in total company revenue in FY28 (prev. saw USD 15bln).