CNBC Daily Open: Biden drops out

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CNBC Daily Open: Biden drops out

Traders on the floor of the New York Stock Exchange, Aug. 8, 2023.

Source: NYSE

This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

What you need to know today

Biden drops outPresident 

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on Sunday

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the 

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against

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and backed Vice President

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as the nominee of the Democratic Party, bowing to pressure from his party members to drop out. Harris said in a statement, “I am honored to have the President’s endorsement and my intention is to earn and win this nomination.” You can read more on

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. Meanwhile, *********** lawmakers are

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. What does this mean for markets? CNBC’s Jesse Pound wrote that the 

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. 

CrowdStrike failureNearly

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by a faulty software update from cybersecurity firm

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, triggering a global IT outage on Friday. The disruption impacted services across industries, including banking, health care, and airlines. Flights were grounded, and TV broadcasters went offline as businesses scrambled to address the ongoing issue.

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on Sunday and offered more pay to crews as it struggles to recover. CrowdStrike’s

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on Friday. You can read more on

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. And there’s more from CNBC’s coverage on

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. 

Biggest weekly lossesThe 

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 and 

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posted their

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since April, sliding nearly 2% and 3.7%, respectively. The rotation out of mega-cap AI-related stocks and into cyclicals in anticipation of an interest rate cut saw the 

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climb 0.7%, while the small cap-focused

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advanced 1.7%. The yield on the 10-year

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, while 

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 slumped over 3%.

Starbucks stakeActivist investor Elliott Management has taken a

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in

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and is engaging with management to boost the company’s share price, according to the Wall Street Journal. The size of Elliott’s stake and specific demands remain unclear. Starbucks has faced several challenges, including

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and declining U.S. same-store sales. This latest development adds pressure on CEO Laxman Narasimhan, who was hand-picked by former CEO Howard Schultz to lead the company. Starbucks shares jumped almost 7% on Friday.

Boeing ‘disappointed’ customers

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‘s output of 737 Max planes is showing signs of improvement, the new head of its commercial unit said, while admitting that the manufacturer has

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. “We’ve impacted their business and we haven’t met the commitments and lived up to being the partner that they expect and they need us to be,” Stephanie Pope said before the Farnborough Airshow, outside of London. However, she expressed confidence in Boeing’s path to improving production quality, and cited higher output of the 737 Max to 38 planes a month.

[PRO] Post-earnings bumpMore than 120 S&P 500 companies, including seven Dow components, are set to report earnings this week, intensifying the second-quarter reporting season. Early results have been promising, with 80% of reporting companies beating earnings estimates. Here are some

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.

The bottom line

Markets are grappling with a new U.S. electoral landscape following Biden’s sudden announcement on Sunday that he would end his reelection campaign against Trump. CNBC’s Jim Cramer shares his thoughts on 

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. 

It is not just politics that has created uncertainty. A worldwide IT outage left organizations and individuals in a tizzy, halting operations and day-to-day work. A faulty

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content update triggered a global computer outage, causing the dreaded blue screen of ****** on

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. The impact was far-reaching, disrupting flights, medical procedures, and everyday life from New York to New Delhi.

CrowdStrike’s stock plummeted, shaving billions off its valuation and tarnishing its reputation. It instantly became a

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on social media. Even Elon Musk

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on X that he’d removed CrowdStrike from his computers. 

“

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,” Wedbush Securities’ Dan Ives told CNBC. “The big issue is the brand damage. CrowdStrike becomes a household name but not in a good way.” 

The incident also fueled concerns about Big Tech’s vulnerability, with FTC Chair Lina Khan highlighting the risks of concentrated market power and “fragile systems.” “Concentrating production can concentrate risk, so that a single natural disaster or disruption has cascading effects,”

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. Khan stopped short of announcing a formal investigation, however, she drew connections to past actions scrutinizing cloud computing and frequent acquisitions in the tech sector. 

While Ives expects CrowdStrike to be called to Washington for hearings, he believes this could likely lead to acquisitions by Big Tech due to “some of the dangers” from third-party updates. “This is something that bodes more positive for M&A between Big Tech and cyber.”

Big Tech faces the challenge of rekindling Wall Street’s enthusiasm after a

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.

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with

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and

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this Tuesday, offering a crucial test of whether massive investments in AI by industry giants like

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,

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, and Meta are bearing fruit.

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and

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will follow with their reports next week, further shaping investor sentiment. CNBC’s Fred Imbert has more on the

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.

Two economic reports of note that should shed more light on the Federal Reserve’s interest rate decision. On Thursday is the first reading of the second-quarter GDP and on Friday, the Fed’s favourite inflation measure, core PCE price index. You can read more

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on what to expect next week. 

— CNBC’s Alex Harring, Jesse Pound, Kevin Williams, Leslie Josephs, Josie Rozzelle, Kevin Breuninger, Dan Mangan, Zev Fima, Spencer Kimball and Rohan Goswami contributed to this report.

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#CNBC #Daily #Open #Biden #drops

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