U.S. 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, Qatar Emir Sheikh Tamim bin Hamad Al Thani, President of the United Arab Emirates (UAE) Sheikh Mohamed bin Zayed Al Nahyan, European Council President Antonio Costa, and German Chancellor Friedrich Merz take part in a working lunch between leaders of G7 and the Middle East, on June 16, 2026 in Evian-les-Bains, France. <\/p>\n
Evelyn Hockstein | Getty Images<\/p>\n
Hello, this is Hui Jie writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.<\/p>\n
The Iran deal seems on track to take effect on Friday, with no reversals from either side as of yet.<\/p>\n
But even before the agreement comes to fruition, Trump is setting his sights on an older conflict: the Ukraine-Russia war. The U.S. President said he will do “whatever I can,” and that Russia should “make a deal” to end the conflict. <\/p>\n
But even Trump’s renewed interest may not solve things quickly in this multi-year conflict. <\/p>\n
Read on!<\/p>\n
What you need to know today<\/p>\n The memorandum of understanding for the Iran conflict seems to be holding, with the signing in Geneva inching closer without a sudden reversal by any party so far. <\/p>\n However, back home, U.S. President Donald Trump is facing complaints about the deal from Congress, where some members are saying he shouldn’t merely send the text of the MOU<\/a> but should also get signoff from them.<\/p>\n And even before it’s sealed, Trump is once again setting his sights on another possible foreign policy win: ending the multi-year Ukraine-Russia war. <\/p>\n At the G7 meeting<\/a> in France, Trump pledged further support to Kyiv and urged Moscow to “make a deal” to end the conflict.<\/p>\n Nonetheless, investors are already optimistic on oil supplies<\/a>, with Brent crude\u00a0<\/a>futures falling 5% to close at $78.96 per barrel, the first time the international benchmark has fallen below $80 since March.<\/p>\n U.S.\u00a0West Texas Intermediate<\/a>\u00a0futures lost 5.8% to settle at $76.05.<\/p>\n People familiar with the matter told\u00a0The Wall Street Journal<\/a>\u00a0that oil sanctions relief for Iran will take effect immediately after the agreement is signed.<\/p>\n On the equities front<\/a>, the Dow Jones Industrial Average<\/a> reflected this optimism, rising to a record high of 51,999.67 as investors rotated out of chipmakers and into cyclical stocks.<\/p>\n The tech pullback saw the S&P 500 and Nasdaq Composite fall, with Advanced Micro Devices<\/a>\u00a0dropping more than 7%,\u00a0Micron Technology<\/a>\u00a0down 6% and\u00a0Nvidia<\/a>\u00a0losing more than 2%.<\/p>\n A notable outlier<\/a> was SpaceX, which continued its stratospheric run to become the U.S. fifth most valuable company. <\/p>\n SpaceX’s market cap touched $2.94 trillion in mid-morning trading, surpassing Microsoft’s valuation of $2.93 trillion, before finishing the day at $2.65 trillion.<\/p>\n Not everyone is star-struck by the stock, though: Michael Burry of “The Big Short” fame<\/a> said Tuesday he has no position in\u00a0SpaceX<\/a>, and questioned the scale of the company’s valuation. <\/p>\n He described SpaceX as “fundamentally a small space company, a niche telecom, a bedeviled social media company, and a Coreweave-light” generating less than $20 billion in annual revenue.<\/p>\n \u2014 Lim Hui Jie<\/p>\n And finally…<\/p>\n Intel begins production of most-advanced chip, inching closer to possible Apple deal<\/a><\/p>\n Intel<\/a>\u00a0has begun production of its most-advanced chip node, bringing the company one step closer to a\u00a0possible deal<\/a>\u00a0to make some chips for\u00a0Apple<\/a>\u00a0devices.<\/p>\n Intel announced it’s making the new chip node, 18A-P, at the VLSI Symposium in Honolulu, Hawaii, on Tuesday.<\/p>\n Chip analyst Ben Bajarin told CNBC that Apple is likely to wait to make chips on 18A-P. Intel shares popped nearly 14% last month on reports that the company had reached a preliminary deal to make chips for Apple.<\/p>\n \u2014 Katie Tarasov<\/p>\n