- US equity markets opened flat to higher this morning after a mixed reaction to some key earnings reports.  The NASDAQ found early strength as traders bid up shares of ORCL +3.5% and ADBE 4% post earnings, while the Dow Jones Transportation Average ??“0.35% has been held back by disappointing guidance from FedEx ??“1.7%.  Other stocks seeing volatility following earnings reports include: CHAP +2% SMRT +8% CTAS ??“9% DRI ??“3% FSII ??“15%   Morgan Stanley set an early positive tone for financials as it trades up more than 4% post earnings while lender FMT as added 12% after announcing the sale of some $4B in sub-prime loans.  US Treasury futures opened marginally lower but the selling in European and US Government bonds accelerated following a budget speech by the UK??™s Brown and funding announcements from the DMO.  US 10-year 4.573%; 10-year Gilt 4.838%; 10-year Bund 3.926%  The Dollar is holding a little bit higher against the Pound, Euro and Yen.  May crude is fractionally higher to $59.45 after weekly inventory data disclosed a larger than expected build in crude inventories that was offset by a bigger than expected draw down in gasoline.