An oil tanker and cargo ship remain anchored off the coast of Port Sultan Qaboos in Muscat, Oman, on June 21, 2026. The Strait of Hormuz, a key shipping route for oil and gas in the region, has been effectively closed since war broke out between the United States and Iran in late February. On Sunday, U.S. Vice President J.D. Vance arrived in Switzerland for high-level talks with an Iranian delegation as the two countries seek to clarify terms for ending the war.
Elke Scoliers | Getty Images News | Getty Images
Hello, this is Gail Krishnan from Singapore. Welcome to today’s edition of CNBC’s Daily Open.
On Wall Street, the S&P and Nasdaq fell as big tech companies took over. A more encouraging flow of news about Iran was offset by the US agreeing to waive Iranian oil sanctions for 60 days.
Meanwhile, No. 10 Downing Street will soon have a new resident for the seventh time this decade.
Japan has long held the dubious honor of being a revolving door prime minister. But on the 10th anniversary of Brexit, the UK is moving into increasingly familiar territory.
What you need to know today
Oil prices fell further below $80 after the US waived Iran oil sanctions for 60 days following the first day of talks. This could allow more Iranian crude oil to return to the global market and alleviate supply concerns.
Iranian President Masoud Pezeshkian is scheduled to visit Pakistan today for further talks. U.S. Vice President J.D. Vance on Monday hailed “significant progress” in negotiations, saying the Iranian government had agreed to allow International Atomic Energy Agency inspectors to return and monitor its nuclear activities.
Despite this progress, the S&P 500 and Nasdaq fell as mega-cap tech stocks declined. Alphabet, Amazon, Meta, and Microsoft suffered losses of 2% to 5% due to a combination of AI concerns and rising yields, which tend not to bode well for growth stocks.
SpaceX continued its steep descent towards Earth. The stock fell 16%, its third straight session of losses, and $400 billion of its market capitalization was wiped out on Monday alone. Just weeks after its IPO, the company disclosed a $100.8 billion cash position and announced plans to raise new capital through the issuance of unsecured debt. CNBC sources said the bond financing could total $20 billion and could begin as early as Tuesday.
Wall Street also paid tribute to Alan Greenspan. The “Maestro” who served as Federal Reserve Chairman from 1987 to 2006 has died at the age of 100. He was one of the longest-serving Fed chairs and a monumental figure in the business world. Greenspan famously warned of “irrational exuberance” in 1996, four years before the dot-com bubble burst. Markets and economies alike move cyclically. Three decades later, investors are asking common questions about the rise of AI.
Across the Atlantic, Britain is discovering what Japan has long known. Keir Starmer became the last British prime minister to resign, meaning prime ministers can become a rapidly changing class of wealth.
On the 10th anniversary of the Brexit referendum, Britain is preparing to appoint its seventh Prime Minister in 10 years. At the moment, Larry the cat, Downing Street’s chief mousetrap, may be one of the country’s few remaining sources of political continuity.
Starmer’s resignation would pave the way for Andy Burnham, who was sworn in as an MP on Monday, to become prime minister by mid-July, unless a leadership contest materializes. Nominations for Starmer’s successor will open on July 9th and close on July 16th.
Former health secretary Wes Streeting, who had been seen as a potential challenger, instead backed Mr Burnham’s proposal, allaying some concerns about a protracted and divisive leadership battle.
Also known as British Pound Sterling and British Bonds. gold leafhas been stable in anticipation of news. Investors will be watching closely for clues about Mr. Burnham’s policy direction, but so far few details have been released. A key issue to watch will be how the new government attempts to tackle Britain’s debt burden and revive flagging growth without raising borrowing costs further.
Meanwhile, the World Economic Forum’s annual meeting of New Champions, better known as Summer Davos, will kick off in Dalian, China with the theme of “Massive Innovation”, with discussions expected to focus on changing trade patterns, rapid technological advances and their practical applications.
— Gail Krishnan
