US EQUITY OPEN: RUT outperforms as Communication lags on GOOGL weakness

Analysis details (14:51)

OPEN: US indices open rangebound with sectors mixed - Utilities is the outperformer amid strength in Constellation Energy (CEG) (+7%) after META agreed to buy its nuclear power, while Communication lags on Alphabet (GOOGL) (-1.5%) weakness amid reports Apple (AAPL) eyes Perplexity as Google search alternative. There has been no Fed speak or US tier 1 data, yet, but JOLTS and Factory orders are at the top of the hour ahead of Goolsbee, Cook, and Logan later with CRWD/HPE earnings after-hours. Elsewhere, the Dollar is regaining some of its losses seen on Monday with safe-haven FX (JPY, CHF) underperforming. CAD is flat and the relative outperformer. Treasuries are bull-flattening. WTI and Brent is firmer by circa by USD 0.40/bbl and on USD 63/bbl and 65 handles, respectively. Precious metals (XAU, XAG) are weaker with spot silver noticing greater weakness than its counterpart.

STOCK SPECIFICS:

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  Pearson (PSN): Cut FY rev. view


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  Signet Jewelers (SIG): EPS beat w/ midpoint of FY26 guide above exp.


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  Dollar General (DG): EPS & rev. topped w/ solid FY SSS outlook


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  Merck (MRK) made a nonbinding offer to acquire MoonLake Immunotherapeutics (MLTX) for over USD 3bln


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  TSMC (TSM): Said US tariffs are having some indirect impact but AI demand remains robust & continues to exceed supply


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  Meta (META) to buy nuclear power from Constellation Energy (CEG) for data centres.


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  Bumble (BMBL): Downgraded at JPM


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  Pinterest (PINS): Upgraded at JPM


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  Alphabet (GOOGL): Seen weakness amid reports Apple (AAPL) is reportedly in talks with Perplexity to bring its AI search to iPhones—potentially replacing Google in Safari and ChatGPT in Siri.

03 Jun 2025 - 14:51- EquitiesData- Source: Newsquawk