U.S. President Donald Trump gestures as he steps off Air Force One and boards a new Boeing plane gifted to him by Qatar on his way to the United States after attending the NATO summit at Royal Air Force Mildenhall in Mildenhall, England, July 8, 2026.
Win McNamee | Getty Images
Hello, my name is Hui Jie from Singapore. Welcome to another edition of CNBC’s Daily Open.
An uneasy ceasefire in the Middle East appears to have all but collapsed, with US President Donald Trump declaring it “over” and Washington launching a new offensive against Iran.
But it wasn’t just Trump’s enemies who faced Trump’s wrath. He also attacked North Atlantic Treaty Organization (NATO) allies, accused them of not spending enough on defense, and singled out Spain for harsh criticism amid trade threats.
What you need to know today
For quite some time, the ceasefire between the US and Iran resembled Schrödinger’s cat, and the ceasefire appeared to be dead.
The ceasefire now appears to be definitively over.
President Trump signaled at the North Atlantic Treaty Organization (NATO) summit on Wednesday that he was no longer interested in a deal with Iran, declaring 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 it was in response to Iranian attacks on commercial ships in or near the Strait of Hormuz.
Trump’s enemies weren’t the only ones who drew his ire. NATO allies also came under fire from the U.S. president, particularly over Spain’s defense spending, with President Trump calling for all trade with the country to be cut off.
The Dow Jones Industrial Average and S&P 500 fell, while international Brent crude oil futures rose 5.43% to $78.19 per barrel and West Texas Intermediate futures rose 4.37% to close at $73.52 per barrel, with major indexes falling as oil prices rose due to President Trump’s comments and U.S. airstrikes.
The Nasdaq Composite Index bucked the trend, rising 0.2%. One notable move was chipmaker Broadcom, with which Apple expanded its partnership with a multi-year deal expected to be worth more than $30 billion.
This marks the iPhone maker’s largest U.S. manufacturing effort to date.
Amid fears of renewed hostilities in the Middle East and rising inflation, Federal Reserve policymakers were divided on the future of interest rates at their last meeting, making it clear they were considering scenarios in both directions.
Some expected inflation to ease, allowing interest rates to fall, while others assumed the opposite. Federal Reserve Chairman Kevin Warsh called the debate a “family dispute” that ended last month with the Fed keeping interest rates between 3.5% and 3.75%.
In Asia, South Korean AI chip company Rebellions is aiming for an initial public offering in the first or second quarter of next year, CEO Sunghyun Park told CNBC. The company aims to capitalize on the huge investor interest in AI chips.
Samsung-backed Rebellions said it is also considering other listing options, including in the United States, and is currently in talks with both the New York Stock Exchange and Nasdaq.
— Lim Huijie
