Shortly following the open, US equities....>

EQUITIES: Shortly following the open, US equities sit in modest positive

territory, with the S&P500 up just over 2% while the Dow Jones and NASDAQ

underperform slightly, up around 0.5% and 1% respectively. Utilities are the

strongest performing sector, with consumer staples not far behind. Energy remain

the laggard, with today's further drop in oil prices weighing.

- Around 80% of the S&P500 sit higher in early trade, with some pharmaceuticals

firms performing particularly well (Regeneron Pharmaceuticals are higher by well

over 10% after news that they are to advance their Covid-19 treatment) while

some bellwether consumer names are retreating (McDonalds, Kohls and Lowe's are

sharply lower).

- The VIX opened slightly lower (inline with futures) and has retreated from new

multi-year highs printed overnight at 84.83. Index clearly remains elevated,

however, with the headline well above last week's highs.

- The low print yesterday at 2360.25 in ES1 will be the first target for bears,

while the overnight limit-up level remains the target to the upside at 2508.25.