economy
CNBC Daily Open: Markets cheer Iran calm as Trump eyes his next deal
The memorandum of understanding for the Iran conflict seems to be holding, with the signing in Geneva inching closer without a reversal so far.
TL;DR
- The Iran deal memorandum of understanding is proceeding without reversals.
- U.S. President Trump is focusing on brokering a deal to end the Ukraine-Russia war.
- Oil prices have fallen, with Brent crude closing below $80 per barrel.
- The Dow Jones Industrial Average reached a record high, driven by a rotation into cyclical stocks.
- Tech stocks, including AMD, Micron, and Nvidia, experienced a pullback.
- SpaceX's market capitalization reached $2.94 trillion, surpassing Microsoft's before settling at $2.65 trillion.
- Michael Burry questioned SpaceX's valuation, describing it as a "small space company" with limited revenue.
- Intel has begun production of its most advanced chip node (18A-P), potentially leading to a deal with Apple.
- Apple may wait to utilize chips made on the 18A-P node.
- Intel shares rose last month on reports of a preliminary deal with Apple.