US President Donald Trump, French President Emmanuel Macron, Canadian Prime Minister Mark Carney, Italian Prime Minister Giorgia Meloni, Japanese Prime Minister Sanae Takaichi, European Commission President Ursula von der Leyen, Qatari Emir Sheikh Tamim bin Hamad Al Thani, Sheikh Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates (UAE), Antonio Costa, President of the European Council, and Friedrich Merz, Chancellor of Germany, participate in a working lunch between G7 and Middle East leaders in Evian-les-Bains, France, on June 16, 2026.
Evelyn Hochstein Getty Images
Hello, my name is Hui Jie from Singapore. Welcome to another edition of CNBC’s Daily Open.
The Iran deal appears to be on track to go into effect on Friday, with no withdrawals made by either side so far.
But even before a deal was reached, President Trump had his sights set on an old conflict: the Ukraine-Russia war. The US president said he would “do whatever we can” and that Russia should “make an agreement” to end the conflict.
But even with Trump’s renewed interest, the multiyear dispute may not be resolved any time soon.
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What you need to know today
The Memorandum of Understanding on the Iran conflict appears to be holding, with no sudden withdrawal by any party so far, and it is inching closer to signing in Geneva.
However, back home, US President Donald Trump is facing complaints from Congress over the deal, with some lawmakers arguing that he should not only send the text of the MOU but also seek approval from Congress.
And even before that is sealed, Trump is once again setting his sights on another possible foreign policy victory: an end to the multi-year Ukraine-Russia war.
At the G7 meeting in France, President Trump pledged more aid to Kiev and urged Russia to “make a deal” to end the conflict.
Nevertheless, investors were already optimistic about oil supplies, with Brent crude futures down 5% to close at $78.96 per barrel, the first time the international benchmark fell below $80 since March.
US West Texas Intermediate futures fell 5.8% to settle at $76.05.
Officials told The Wall Street Journal that the oil sanctions relief for Iran will take effect immediately after the deal is signed.
In terms of stocks, Dow Jones Industrial Average Reflecting this optimism, the stock rose to a record high of 51,999.67 as investors moved away from semiconductor manufacturers and into cyclical stocks.
Tech stocks fell, sending the S&P 500 and Nasdaq Composite down, with Advanced Micro Devices down more than 7%, Micron Technology down more than 6% and Nvidia down more than 2%.
A notable outlier is SpaceX, which continued its rise into the stratosphere to become the fifth most valuable company in the United States.
SpaceX’s market capitalization reached $2.94 trillion in morning trading, surpassing Microsoft’s $2.93 trillion valuation, and closed the day at $2.65 trillion.
But not everyone is shocked by this stock. Michael Barry of “The Big Short” fame said Tuesday that he has no role in SpaceX and questioned the company’s valuation.
He described SpaceX as “basically a small space company, a niche communications company, an unscrupulous social media company and a core weave light company” with less than $20 billion in annual revenue.
— Lim Huijie
And finally…
Intel begins production of cutting-edge chips, moving closer to possibility of partnership with Apple
Intel has begun producing its cutting-edge chip node, moving one step closer to a potential deal to make chips for Apple devices.
Intel announced Tuesday at the VLSI Symposium in Honolulu, Hawaii, that it will produce a new chip node, the 18A-P.
Chip analyst Ben Bajarin told CNBC that Apple will likely wait to manufacture 18A-P chips. Intel’s stock price soared nearly 14% last month after reports the company had reached a tentative agreement to make chips for Apple.
— Katie Tarasoff
