US EQUITY OPEN: Indices gain on geopolitical optimism as tech-behemoth AAPL earnings await after-hours

OPEN: US indices opened higher amid risk-on trade, after reports that Iranian President Pezeshkian said the Supreme Leader has granted the government some authority on dialogue. US equity futures gained on the reports and the gains extended into the cash open. Treasuries and spot gold rose, while the Dollar and the crude complex came under pressure. WTI and Brent are lower by c. USD 7/bbl, leaving Energy as the clear sectoral laggard. Sectors are otherwise broadly in the green, led by Consumer Discretionary, followed by Materials and Communication Services. Earnings have been quiet so far, as is typical at the start of the week, with Apple (AAPL) the highlight after-hours. In FX, CHF, EUR and GBP are all firmer against the Greenback to varying degrees, with EUR among the outperformers despite Fitch’s negative outlook on France. AUD underperforms ahead of the RBA overnight. Precious metals are firmer, and Treasuries are bid across the curve, helped by the drop in oil and the softer Dollar. Looking ahead, ISM Manufacturing PMI is due at the top of the hour, and Fed speak is expected from Goolsbee and possibly from the hawkish dissenters, Cook and Hammack. STOCK SPECIFICS: EchoStar (ECHO): SpaceX (SPCX) is in talks to purchase EchoStar's Boost Mobile or use its network; T-Mobile US (TMUS), Verizon (VZ) Kioxia Holdings (KXIAY): Sees Dec.-Q op. profit of ¥2tln (prev. 1.99tln), raising concerns over slowing AI-driven memory demand Oracle (ORCL): Files to offer $10bln in common stock and $10bln in debt. Okta (OKTA): Will join the S&P 500, replacing Kenvue (KVUE), effective BMO on Nov. 4th Check Point Software (CHKP): Rev. missed Tower Semiconductor (TSEM): Headline metrics topped exp. w/ strong next Q rev. guide Marriott International (MAR): Solid Q report alongside raising next Q & FY view Estée Lauder (EL): Top & bottom line beat alongside lifting FY27 outlook IDEXX Laboratories (IDXX): Q report impressed as headline metrics topped & lifted FY guidance CrowdStrike (CRWD): Upgraded at Deutsche Bank