US EQUITY OPEN: Stocks open higher with yields little changed and crude off highs

OPEN: Stocks have opened in the green, with the Russell leading the way, although gains are broad-based elsewhere. The majority of sectors trade higher, led by Materials, Energy and Financials, while Utilities is the only sector in negative territory and Consumer Staples and Consumer Discretionary trade around flat. Note, it is OpEx today, which could generate some additional volatility, particularly amid quieter summer trading conditions. Since the opening bell, the Nasdaq has pared its gains with pressure in Apple (AAPL) and semiconductors weighing, including Nvidia (NVDA). Some cite a note from JPMorgan who see growing risks of a late-summer or early-autumn market downturn despite major indexes remaining in bullish trends. The bank points to weakening market internals, defensive rotation and fading conviction in AI stocks. US data saw the release of the August S&P Global Flash PMIs, with Manufacturing slipping slightly below expectations, while Services unexpectedly rose, helping the Composite PMI tick higher. Crude prices are firmer, albeit off session highs, after Iranian President Pezeshkian spoke in favour of ending the war, arguing that Iran should do so now that it is in a position of strength. US Treasury yields are little changed across the curve, albeit firmer by around 1-2bps, with the 30-year yield trading around 5.26%. Long-end yields therefore remain elevated but below the peaks seen before the Treasury's long-end buyback announcement earlier this week. In FX, the Dollar is softer, with the move potentially aided by the more conciliatory comments from Pezeshkian, while the Antipodeans outperform after China's Vice Finance Minister pledged additional fiscal policy measures. The China-related optimism is also supporting gold and copper. STOCK SPECIFICS Ross Stores (ROST): Quarterly earnings and revenue beat expectations and raised FY profit guidance, supported by strong comparable sales, customer traffic and demand for discounted apparel BJ's Wholesale Club (BJ): EPS and revenue beat; raised FY26 profit view OSI Systems (OSIS): Q4 revenue missed; FY27 guidance disappointed Broadcom (AVGO)-backed SPV tapping debt market for USD 70bln to support AI buildout, reports CNBC TV.