CNBC Daily Open: Biden exits | Wilnesh News

This report comes from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open keeps investors updated on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

Biden withdraws
President Joe Biden on Sunday Resign this presidential campaign be opposed to Donald Trump and support the vice president Kamala Harris As a candidate of the Democratic Party, he was forced to withdraw due to pressure from party members. “I am honored to have the president’s support and my intention is to earn and win this nomination,” Harris said in a statement. You can read more her next step. Meanwhile, Republican lawmakers Call for Biden to resign. What does this mean for the market? CNBC’s Jesse Pond writes ‘Trump Trade’ May Stall.

CrowStrike failed
almost 8.5 million devices affected Caused by faulty software update by cybersecurity company mass strike, triggering a global IT outage on Friday. The outage affected services across a wide range of industries, including banking, healthcare and airlines. Flights were grounded and television broadcasters closed as businesses scrambled to resolve ongoing issues. Delta Airlines 800 mainline flights canceled Sunday and offered more pay to staff working to recover. CrowdStrike’s Share price plummeted 11% on Friday. You can read more How a software update caused one of the world’s worst IT outages. There’s more to CNBC’s story How the next IT meltdown is brewing.

Maximum weekly loss
this S&P 500 Index and Nasdaq Index published their Maximum weekly loss Since April, they have fallen nearly 2% and 3.7% respectively. A shift from large-cap AI-related stocks to cyclical stocks in anticipation of rate cuts has led to Dow Jones Industrial Average Up 0.7%, dominated by small-cap stocks Russell 2000 up 1.7%. 10-Year Treasury Bond Yield Ministry of Finance slightly higheralthough US oil prices A drop of more than 3%.

Starbucks shares
Activist investor Elliott Management takes large stakes exist Starbucks According to the Wall Street Journal, the company is working with management to increase the company’s stock price. The size of Elliott’s stake and exact requirements remain unclear. Starbucks faces several challenges, including Disappointing quarterly results U.S. same-store sales fell. The latest development puts more pressure on CEO Laxman Narasimhan, who was handpicked by former CEO Howard Schultz to lead the company of. Starbucks shares rose nearly 7% on Friday.

Boeing ‘disappoints’ customers
boeing companyThe new head of its commercial arm said output of the 737 Max aircraft is showing signs of improvement, while acknowledging that the manufacturer has Flight delays leave customers ‘disappointed’. “We impacted their business, but we didn’t deliver on our commitments and be the partner they expected and they needed us to be,” Stephanie Pope said before the Farnborough air show outside London. However, she is confident in Boeing’s path to improving production quality and said that 737 Max production has increased to 38 aircraft per month.

(PRO) Rising after profit
More than 120 S&P 500 companies (including 7 Dow companies) will report earnings this week, making the second-quarter earnings season even more intense. Early results are encouraging, with 80% of reporting companies beating profit expectations. here are some Stocks rise after profits.

Markets are grappling with the new electoral landscape in the United States after Biden abruptly announced on Sunday that he would end his re-election campaign against Trump. CNBC’s Jim Cramer shares his thoughts Why ‘Trump Trade’ is on hold and uncertainty dominates.

It’s not just politics that creates uncertainty. IT outages around the world have thrown organizations and individuals into disarray, halting operations and daily work. a defective one mass strike Content update triggers global computer outage, leading to horrific blue screen of death Countless Microsoft Windows systems. The impact was far-reaching, disrupting flights, medical procedures and daily life from New York to New Delhi.

CrowdStrike’s stock price plummeted, wiping billions of dollars off its valuation and damaging its reputation. In an instant, it became a memes on social media. Even Elon Musk Tweet On X, he had deleted CrowdStrike from his computer.

“This is a bad moment for CrowdStrikeDan Ives of Wedbush Securities told CNBC. CrowdStrike became a household name, but not in a good way.

The incident also raised concerns about the fragility of big tech companies, with Federal Trade Commission Chairwoman Lena Khan highlighting the risks of concentrated market power and “fragile systems.” “Concentrated production can concentrate risk, so a single natural disaster or disruption can have knock-on effects,” Khan wrote in a series of posts. Khan did not announce a formal investigation, but she linked past efforts to scrutinize cloud computing to frequent acquisitions in the technology sector.

While Ives expects CrowdStrike will be called to Washington for a hearing, he believes it could lead to acquisitions by big tech companies due to “some dangers” of third-party updates. “This bodes more positively for mergers and acquisitions between big tech and the Internet.”

Big Tech faces challenge to reignite Wall Street enthusiasm The $900 billion tech debacle. Earnings season kicks off and letter and Tesla A crucial test came Tuesday on whether massive investments in artificial intelligence by industry giants such as Google, Microsoft and Meta are bearing fruit. Microsoft and apple Reports are due next week to further shape investor sentiment. CNBC’s Fred Imbert has more on big profit.

Two noteworthy economic reports should provide more information for the Fed’s interest rate decision. The preliminary second-quarter GDP will be released on Thursday, and the Fed’s favorite inflation gauge – the core PCE price index – will be released on Friday. You can read more here What to expect next week.

— CNBC’s Alex Harring, Jesse Pound, Kevin Williams, Leslie Josephs, Josie Rozzelle, Kevin Breuninger, Dan Mangan, Zev Fima, Spencer Kimball and Rohan Goswami contributed to this report.