Chips are down — but not for the Dow
Traders work on the American Stock Exchange (AMEX) floor at the New York Stock Exchange (NYSE) in New York, USA, on Monday, February 9, 2026.
Michael Nagle | Bloomberg | Getty Images
Hello, I am Anniek Bao writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.
If you squint at the Nasdaq, Wall Street had a strong session overnight. The Dow hit an all-time high and oil cooled on optimism that the Iran war is nearing its end.
But chip stocks have stumbled; Bitcoin is at its weakest level since the beginning of the war, private credit is sparking again, and a flesh-eating parasite has emerged in Texas.
While Wall Street is throwing a rocket-themed party for SpaceX, ratings agency S&P Global has made it clear that the blockbuster IPO may not make a splash in the company’s benchmark index.
What you need to know today
Truce trading resumed as the Dow rose to an all-time high, the S&P 500 rose and oil prices fell 3%.
US President Donald Trump said: If an agreement is reached, Iran’s Supreme Leader Ayatollah Mojtaba would be “honoured” to meet with Khamenei. On the other hand, the Wall Street Journal reported that the president is reluctant to pursue a full-scale war with Tehran.
International crude oil benchmark Brent futures closed down 2.8 percent at $95.03 per barrel, while West Texas Intermediate futures closed at $93.04 per barrel, down 3.1 percent on Thursday. Both were lower in Asian trading Friday.
This drop in oil occurred despite Iran-backed Hezbollah rejecting the US-backed ceasefire terms reached between Israel and Lebanon as “absurd, humiliating and humiliating” and demanding Israel’s complete withdrawal before any agreement could be reached.
From energy to tech: Broadcom falls nearly 15% after missing revenue expectations; That was enough to send the Nasdaq down nearly 0.1%, even as the rest of Wall Street cheered. The spread of technology has spread to stocks in Asia, sending major indexes into declines.
Sen. Elizabeth Warren invited Nvidia CEO Jensen Huang to testify before the Senate Banking Committee on June 11 regarding the company’s China sales and U.S. export controls, according to a letter seen by CNBC.
Meanwhile, TSMC Chairman Che-Chia Wei told shareholders on Thursday that the firm is trying to meet demand and avoid becoming a bottleneck in the global supply chain, while also signaling a willingness to raise prices.
The crypto decline continued and Bitcoin endured its ugliest week in months. briefly dropped below $62,000 Before settling around $63,719. Caught between ETF outflows, a move into other assets and Michael Saylor’s Strategy announcing the first bitcoin sell-off since 2022, it has erased all the gains it has made since the war began.
The cracks in private credit have widened. Blackstone has limited withdrawals from its flagship Blackstone Private Loan fund following a spike in refund demands from investors. This was followed by Swiss Partners Group, which did the same for one of its private equity vehicles and warned it could restrict further fund withdrawals as pressure spreads from credit to private equity.
Wall Street banks are racing to win customers ahead of SpaceX’s listing. Bank of America, JPMorgan and Morgan Stanley are all hosting lavish events A deal will be made in the next few days, aiming to raise a record $75 billion at a $1.75 trillion valuation, the largest IPO of all time.
On the other hand, the US Department of Agriculture confirmed that New World screwworm was detected in cattle in Zavala County, Texas; This is the first detection of the flesh-eating pest in the United States in decades, found in a 3-week-old calf.
— Anniek Bao
And finally…
Deutsche and Goldman say World Cup will boost this hospitality stock
The world’s biggest sporting event kicks off in North America next week. Deutsche Bank and Goldman Sachs listed the sectors and stocks they see receiving support from the 2026 FIFA World Cup, which will be hosted by the USA, Mexico and Canada.
“Our analysts in entertainment, restaurant and beverage, media, technology and gaming see names whose coverage the World Cup could be a supportive factor for stocks,” Deutsche analysts wrote in a note on Tuesday, outlining a number of stocks that could receive a “temporary tailwind.”
Deutsche singled out U.S. restaurant brands closer to World Cup host cities, saying they were best positioned to benefit from increased tourism.
Goldman Sachs also predicts a boon for European and U.S. consumer staples, European consumer discretionary, U.S. retail, U.S. lodging and entertainment, and U.S. airlines due to the sheer number of people spending big to travel to see the games.
—Joseph Wilkins
