US EQUITY OPEN: Indices weaker as Tech lags led by CRWV sell-off

OPEN: US indices open in the red, with the tech-heavy Nasdaq 100 underperforming and reversing some of Monday's gains as the AI trade sell-off resumes. Given this, Technology is the sectoral laggard, followed by Communications, with Industrials and Materials the only other ones in the red. Health, Utilities, and Real Estate outperform as earnings season continues to get under way. CoreWeave (CRWV) is contributing to the downside and comes as HSBC maintains its 'Reduce' rating on shares, with a PT of USD 39, implying 36% downside. There has been no tier 1 US data, with a lack of it this week, as earnings after-hours from Netflix and SpaceX are the highlights. In FX, G10 peers are gaining vs. the Dollar, with the Pound, and Swissy outperforming, as the former sees strength on an upbeat jobs report, while JPY was unmoved following BoJ sources. Treasuries are firmer, while precious metals are mixed. WTI and Brent have seen choppy trade, especially in the wake of the latest geopolitical reports, amid reports of mediation efforts, with sources saying that "Qatar and Pakistan presented a 'compromise proposal' that meets the demands of both the American and Iranian sides". Ahead, private inventory metrics after-hours. STOCK SPECIFICS: 3M (MMM): Profit beat & lifted FY EPS guide RTX (RTX): Top & bottom line surpassed exp. w/ strong outlook Steel Dynamics (STLD): EPS & rev. short of Wall St. consensus Solstice Advanced Materials (SOLS): Starboard Value has built a stake worth several hundred million dollars MSCI (MSCI): Rev. beat General Motors (GM): Announced $20B share repurchase prog. Crown Holdings (CCK): Weak next Q profit outlook Equifax (EFX): Solid Q results Halliburton (HAL): EPS & rev. topped Wall St. exp. Apple (AAPL): Downgraded at Loop Capital Salesforce (CRM) to acquire Braze (BRZE) for c. $5.66bln in enterprise value & shareholders to receive $47.50/shr in cash