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- A pause in the Iran war sends oil prices lower and stocks higher.
- Ukraine hits an Iranian cargo ship in long range strike
- The Trump administration faces lawsuits over its new Section 301 tariffs.
- Nvidia races to secure more memory from SK Hynix in what could be a $500 billion deal.
- Why is chocolate still so expensive?
A view of destroyed buildings in an area hit by a U.S. airstrike during the U.S.-Israeli military campaign in Tehran, Iran, on July 21, 2026, amid renewed conflicts between Iran and the United States in southern Iran. Morteza Nikoubazl | Nurphoto | Getty Images
Hello, this is Hui Jie writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.
It’s been a relatively calm weekend, with a pause in the fighting in the Middle East instead of an escalation.
But that doesn’t mean all is smooth sailing. Ukraine, in a far-reaching strike, hit an Iranian commercial vessel, while the Trump administration dealt with tariff lawsuits at home.
Nvidia raced to secure more memory from SK Hynix in a deal that could be up to $500 billion, which could serve as a catalyst for the stock that has fallen heavily in the last month.
But one of our European reporters asks what might be the most important question today: Why is chocolate so expensive?
What you need to know today
Investors had a calm weekend on the Middle East front, after a pause in the Iran war sent oil prices lower and stocks higher, giving investors a welcome break from the resumption of hostilites between Tehran and the U.S.
But the relief came with plenty of caveats. Ukraine struck an Iranian commercial ship in the Caspian Sea, with President Volodymyr Zelenskyy saying that the strike involved military cargo shipments related to Iran.
Iran said the attack left one sailor dead and injured several others, and Tehran accused Kyiv of a hostile act.
The Trump administration is also facing grouses elsewhere, with lawsuits from two businesses over its new Section 301 tariffs, which were imposed last Friday over forced-labor claims. Experts told CNBC the duties may struggle to survive legal scrutiny.
Across the Atlantic, Britain’s new prime minister, Andy Burnham, said he is prepared to call out Trump if needed.
“You have to defend your own national interest before anything else. That’s what you’re required to do if you’re to do this job properly,” Burnham said in an BBC interview.
For investors, though, the biggest deal of the day may still be in AI. Nvidia has secured what could be a $500 billion memory supply agreement with SK Hynix, potentially alleviating a concern as the memory market faces a global shortage.
It isn’t only tech drawing attention: the S&P 500 industrials sector is trading at a price-to-earnings ratio above 30, a level more often associated with high-growth names.
Cinthia Murphy, director of research at VettaFi, said “it’s as high as tech, so it really is a sector that has really had its moment in the sun and picked up a lot of attention.”
In Asia, investors will also be keeping an eye out on China’s industrial profits for June, which will give a marker as to the state of the world’s second largest economy.
And finally…
Cocoa prices are easing. So why is chocolate still so expensive?
Cocoa prices are beginning to ease after a record-breaking rally, but don’t expect cheaper candy just yet as the world’s biggest chocolate makers turn to social media-inspired products and other strategies to win shoppers back.
Prices reached record highs over the past two years, triggered by adverse weather conditions and poor cocoa harvests that pushed chocolate costs higher and dampened consumer sentiment.
Cocoa futures were last trading at $5,327 per metric ton and are down 34% over the past year. The commodity surged to almost $12,000 per metric ton at the end of 2024. Cocoa prices typically hovered around $2,000 to $3,000 over the past two decades.
—Sawdah Bhaimiya
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