US EQUITY OPEN: Indices contained amid exceedingly quiet newsflow

OPEN: US indices opened very contained in the final trading session of the week, amid exceedingly light newsflow in typical summer trading conditions. On the data footing, US retail sales underwhelmed, albeit garnering little reaction, as the headline and control unexpectedly declined. Sectors are predominantly in the green, while memory names continue to extend on Thursday's strength following the potential Workday acquisition news, with the memory ETF DRAM up c. +1.5%. Health and Financials are the only ones in the red. G10 FX peers are all gaining vs. the Greenback, with the Kiwi and Pound the best performers, albeit, and as mentioned, in light currency specific newsflow. The crude complex is seeing marginal losses with no major update out of the Middle East today. Despite saying that, the notable highlights include Bessent saying they will implement unprecedented measures on Iran and are conducting a maximum pressure campaign against Iran, while the UKMTO said a tanker was struck by a drone while transiting outbound through the Strait of Hormuz. Treasuries are seeing gains in the short-end, while the long-end is noticing losses. Precious metals are modestly higher heading into the weekend. The calendar for the rest of the session is light, with UoM prelim for August and Baker Hughes the highlights. STOCK SPECIFICS: Reddit (RDDT) will replace AvalonBay (AVB) in the S&P 500 before trading on 18th August. Applied Materials (AMAT): Lofty investor exp. overshadowed solid Q results, strong outlook, & continued strength in AI-related semiconductor equipment demand; BofA cited softer gross-margin leverage and more conservative Q/Q growth guidance behind its PT cut. Lam Research (LRCX): Plans to invest > $3bln over the next 5yrs to expand its global R&D laboratory network. Apple (AAPL) trains its own AI model for China market with Alibaba's (BABA) support. Tyson Foods (TSN) to close or sell 3 US beef facilities as industry struggles. Wayfair (W) was upgraded at Bernstein to 'Outperform' from 'Market Perform' Sandisk (SNDK) was upgraded at JPM to 'Overweight' from 'Neutral'.