economy
CNBC Daily Open: Tech earnings defy Iran strikes and inflation concerns
Global markets rally on the strength of tech and AI despite continued uncertainty in Middle East.
TL;DR
- U.S.-Iran conflict resumes with airstrikes, complicating hopes for a resolution.
- S&P 500 and Nasdaq Composite reach record highs, fueled by artificial-intelligence stocks.
- Snowflake and Dell Technologies report strong earnings, citing explosive demand for AI-powered platforms and servers.
- Anthropic emerges as the most valuable AI startup, nearing a $1 trillion valuation.
- Retailers like Gap and American Eagle post disappointing results amid inflation concerns.
- Reports of a potential U.S.-Iran memorandum of understanding were followed by news of Iranian missile strikes.
- Exxon warns of dangerously low oil inventories, potentially spiking prices.
- Personal consumption expenditures price index shows a 3.8% increase over 12 months, impacting Federal Reserve rate decisions.
- 60% of family offices plan strategic investment allocation changes in the next year, with many reducing U.S. holdings.