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- Trump declares Iran ceasefire over.
- The U.S. President also took aim at NATO allies over defence spending.
- Fed in “family fight” over rates path.
- Apple expands partnership with Broadcom.
- Samsung-backed AI firm Rebellions eye IPO next year.
U.S. President Donald Trump gestures as he steps off Air Force One to board the new Qatari-gifted Boeing plane, enroute to the United States following his participation in the NATO Summit at Royal Air Force Mildenhall on July 8, 2026 in Mildenhall, England. Win McNamee | Getty Images
Hello, this is Hui Jie writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.
The shaky ceasefire in the Middle East appears to have all but collapsed, with U.S. President Donald Trump declaring it was “over” and Washington conducting fresh strikes on Iran.
But it was not just enemies that faced Trump’s ire. He also took aim at NATO allies, accusing them of not spending enough on defense, and singling out Spain for some harsh criticism wrapped in trade threats.
What you need to know today
For quite a while, the U.S. ceasefire with Iran resembled Schrodinger’s cat, where the ceasefire seemed both dead and alive.
Now, the ceasefire seems definitively dead.
Trump signaled at the NATO summit on Wednesday that he was no longer interested in reaching a deal with Iran, and declared the ceasefire “over” in light of renewed hostilities in the Strait of Hormuz.
Hours later, U.S. forces launched additional strikes, with U.S. Central Command saying this was in response to Tehran attacking commercial ships in or near the Strait of Hormuz.
It wasn’t just enemies who drew Trump’s ire. NATO allies also received flak from the U.S. president over their defense spending, especially Spain, with Trump asking to cut off all trade with the country.
Trump comments and U.S. strikes sent key indexes sliding as oil prices rose, with the Dow Jones Industrial Average and S&P 500 dropping, while International Brent crude futures popped 5.43% to $78.19 per barrel and West Texas Intermediate futures jumped 4.37% to close at $73.52.
The Nasdaq Composite bucked the trend to gain 0.2%. One of the notable movers was chipmaker Broadcom, which saw Apple expand its partnership with the company in a multi-year deal expected to exceed $30 billion.
This marks the iPhone maker’s largest U.S. manufacturing commitment to date.
As renewed Mideast hostilities threaten to raise inflation, Federal Reserve policymakers were revealed to have been split about the future of interest rates in their last meeting, entertaining scenarios in either direction.
Some saw outcomes where inflation could ease, allowing lower rates, while others envisioned the opposite. Fed Chairman Kevin Warsh billed the debate as a “family fight” that ended with the Fed holding rates at 3.5%-3.75% last month.
In Asia, South Korean AI chip firm Rebellions is targeting an initial public offering in the first or second quarter of next year, CEO Sunghyun Park told CNBC, as the company looks to capitalize on massive investor interest in AI chips.
Samsung-backed Rebellions said it was also evaluating other listing options, such as the U.S., and was currently holding talks with both the New York Stock Exchange and Nasdaq.
— Lim Hui Jie
And finally…
SpaceX stock closes below debut price at $148 in two-day slide after Nasdaq-100 inclusion
SpaceX stock closed at $148 on Wednesday, below the company’s first trading price of $150 per share for a second day in a row.
Elon Musk‘s aerospace and defense contractor was included in the Nasdaq-100 index on Tuesday, less than a month after its stock market debut on June 12.
The rapid inclusion in the Nasdaq-100 was due, in part, to the exchange’s revised rules for new public companies to become part of that widely-tracked benchmark.
— Lora Kolodny
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