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close video Titanic submarine depth makes rescue mission ‘very complex’: Bob Pizzini

Retired U.S. Navy Mixed Gas Diving Officer Bob Pizzini discusses whether ‘underwater noises’ in the area of the missing sub indicate signs of life on ‘Cavuto: Coast to Coast.’

A co-founder of OceanGate Expeditions spoke out and gave reason to hope the five-man crew of the missing Titan submersible can still be rescued, including CEO Stockton Rush. 

Guillermo Söhnlein founded OceanGate with Rush in 2009 to offer pricey deep-sea tours to the extremely wealthy in manned submersibles capable of diving up to 13,123 feet. Söhnlein left the company in 2013, turning it over to Rush and reducing his role to a minority shareholder, but the two have kept in touch and last spoke a couple of weeks before the ill-fated Titanic expedition. 

In a statement posted on Facebook, Söhnlein broke his silence about the missing crew and encouraged the public and the media to remain hopeful for the crew's rescue and avoid speculation about what happened.

"For the past three days, I have watched from afar as hundreds of dedicated professionals worked tirelessly to find and rescue the crew of the research submersible, Titan, with which communication was lost during its science expedition to the wreck of the Titanic. The pilot is my co-founder and friend, Stockton Rush," Söhnlein wrote.

OCEANGATE TITANIC SUB SEARCH: MISSING VESSEL NEARS DEADLINE WHEN OXYGEN PROJECTED TO RUN OUT

The five-man crew aboard the missing OceanGate submersible has just hours before they’ll run out of breathable air. (L-R) OceanGate CEO Stockton Rush, Pakistani Businessman Shahzada Dawood, Sulaiman Dawood (no photo available), French mariner Paul-He

"Today will be a critical day in this search and rescue mission, as the sub's life support supplies are starting to run low. I'm certain that Stockton and the rest of the crew realized days ago that the best thing they can do to ensure their rescue is to extend the limits of those supplies by relaxing as much as possible. I firmly believe that the time window available for their rescue is longer than what most people think," he said.

An international search and rescue effort has continued for days since the Titan was reported missing on Sunday night. Critically, the crew is sealed inside the submersible and has a limited supply of breathable air. 

WHO IS ON THE OCEANGATE TITANIC SUB?

The Titan submersible, operated by OceanGate Expeditions to explore the wreckage of the sunken Titanic off the coast of Newfoundland, dives in an undated photograph. (OceanGate Expeditions via Reuters / Reuters Photos)

In a statement issued Wednesday night, the U.S. Coast Guard said the sub "was launched at 8 a.m. EDT [Sunday] and expected to resurface at 3 p.m., but one hour and 45 minutes into their dive, they lost contact with the Polar Prince."

On OceanGate's website, it lists the Titan sub as having 96 hours of life support for a crew of five passengers. Authorities have estimated the submersible will run out of oxygen sometime Thursday morning. 

DEEP-SEA EXPERT WORRIES ‘BANGING’ COULD BE ‘OVERLY OPTIMISTIC’ AS TITANIC SUB MAY HAVE ALREADY RUN OUT OF AIR

Equipment that was flown in by U.S. Air Force transport planes is loaded onto the offshore vessel Horizon Arctic, before its deployment to the search area of a missing OceanGate Expeditions submersible which had been carrying five people to explore t (REUTERS/David Hiscock / Reuters Photos)

The five-member crew onboard the Titan includes Rush, French mariner Paul-Henry Nargeolet, British businessman and explorer Hamish Harding, Pakistani businessman Shahzada Dawood and his son Sulaiman Dawood.

Söhnlein said there is reason to hope the crew can be rescued after the estimated deadline. 

"I would encourage everyone to remain hopeful for getting the crew back safely. In 1972, a similar rescue operation was able to retrieve two pilots trapped in a downed submersible with only 72 hours of life support. I continue to hold out hope for my friend and the rest of the crew," he wrote.

He continued, "While I completely understand the public's interest in this situation and the media's need to cover it as a notable story, I ask that we wait until after the crew returns and conducts a proper debrief to speculate on what happened. We need to give those involved with the rescue enough room to focus on their work, and we need to give the crew's families privacy to deal with their emotions in their own personal way. 

MISSING TITANIC SUB ‘DID NOT PERFORM WELL,’ SAYS VETERAN EXPLORER WHO NIXED DOCUMENTARY OVER SAFETY CONCERNS

This file image provided by OceanGate shows the Titan submersible docked in the Bahamas. (OceanGate Expeditions / Fox News)

"For myself, I have been overwhelmed by the outpouring of support I have received from friends and colleagues all over the world. It has been impossible to respond, but please know that your messages are truly appreciated, so … thank you!"

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Though Söhnlein and others have expressed optimism, there are still many hurdles for rescuers to overcome: from pinpointing the vessel's location, to reaching it with rescue equipment, to bringing it to the surface — assuming it's still intact. And all that needs to happen before the crew runs out of breathable air. 

Fox News' Bradford Betz, Greg Norman, Michael Ruiz and the Associated Press contributed to this report. 

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Genesis lawsuit alleges DCG ‘alter ego’ scheme, ignored warnings

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Genesis lawsuit alleges DCG ‘alter ego’ scheme, ignored warnings

Genesis lawsuit alleges DCG ‘alter ego’ scheme, ignored warnings

A newly unsealed complaint reveals DCG executives anticipated legal fallout and ignored risk warnings as Genesis spiraled toward collapse.

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CNBC Daily Open: A truce is to be celebrated — but it doesn’t promise peace

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CNBC Daily Open: A truce is to be celebrated — but it doesn't promise peace

U.S. President Donald Trump speaks to reporters onboard Air Force One en route to the NATO summit in The Hague, Netherlands, June 24, 2025.

Brian Snyder | Reuters

The ceasefire between Israel and Iran appears to be holding. In yesterday’s newsletter, we talked about how a blitzkrieg of missile-led diplomacy seemed to help de-escalate tensions.

The flipside of that strange path to a truce is that missiles are, well, fundamentally weapons. Mere hours after both countries agreed to the ceasefire, Israel said its longtime rival had fired missiles into its borders — an accusation which Tehran denied — and was preparing to “respond forcefully.” Probably with more missiles.

U.S. President Donald Trump — who reportedly brokered the ceasefire with Qatar’s Emir Sheikh Tamim bin Hamad Al Thani — expressed frustration with those developments.

“I’m not happy with them. I’m not happy with Iran either but I’m really unhappy if Israel is going out this morning,” Trump told a reporter pool en route to the NATO summit in the Netherlands.

His admonishments seemed to work. There is now a fragile armistice between the two countries.

Oil prices fell and U.S. stocks jumped.

Reuters uploaded a photo of Israeli residents playing frisbee at the beach on June 24. Flights at Israel’s Ben Gurion Airport are resuming, and Iran’s airspace is partially open, according to flight monitoring firm FlightRadar24, CNBC reported at around 3 a.m. Singapore time.

Three hours after that update, NBC News, citing three people familiar with the matter, reported that an initial assessment from the U.S. Defense Intelligence Agency found the American strikes on Iran’s nuclear sites on Saturday left “core pieces … still intact.”

Trump pushed backed on those accusations Tuesday night, writing that “THE NUCLEAR SITES IN IRAN ARE COMPLETELY DESTROYED!”

And so it goes.

What you need to know today

Israel-Iran ceasefire holds, for now
The fragile ceasefire between Israel and Iran,
announced by Trump on Monday, appears to be holding. Israel on Tuesday said it would honor the ceasefire so long as Iran does the same. Earlier in the day, both countries accused each other of violating the truce, and said they were ready to retaliate, prompting Trump to say he’s “not happy” with them. Stay updated on the Israel-Iran conflict with CNBC’s live blog here.

Markets jump as traders bet on truce
U.S. stocks jumped Tuesday on expectations that the Israel-Iran ceasefire would hold. The S&P 500 gained 1.11% to put it just 0.9% away from its 52-week high. The Dow Jones Industrial Average added 1.19% and the Nasdaq Composite climbed 1.43%. The Nasdaq-100 rose 1.53% to close at an all-time high. Asia-Pacific markets mostly rose Wednesday. China’s CSI 300 advanced 0.63% at 1:50 p.m. Singapore time. Tech stocks, such as NetEase and Tencent, were up on news that Beijing approved a large number of games in June.

Oil pares losses
Oil prices regained some ground during Asia trading hours Wednesday. Both U.S. crude oil and global benchmark Brent rose around 1.5%. On Tuesday stateside, oil prices tumbled roughly 6%. Earlier in the day, Trump said China can keep buying oil from Iran, in what seemed like a sign that the U.S. may soften its pressure campaign against Tehran.

Powell says Fed is ‘well positioned to wait’
At a U.S. congressional hearing Tuesday, Federal Reserve Chair Jerome Powell said the economy was still strong. But he noted that inflation is still above the central bank’s target of 2%, and the Fed has an “obligation” to prevent tariffs from becoming “an ongoing inflation problem.” In combination, those considerations make the Fed “well positioned to wait” before making a decision on interest rates.

Don’t make trade political: Chinese premier
“Globalization will not be reversed,” Chinese Premier Li Qiang said on Wednesday through an official English translation at the World Economic Forum’s annual conference in China, often dubbed “Summer Davos.” Li urged all sides not to turn trade into a political or security issue, and said engaging in the international economy is a way of “reshaping the rules and order.”

[PRO] Not ‘bullish enough’ on rally: HSBC
The S&P 500′s rally off its April lows has brought it back to roughly 1% off its record high in a very short time. It’s an advance that has perplexed many investors, who worry that another pullback is on the horizon. But Max Kettner, chief multi-asset strategist at HSBC, said he worries he’s not “bullish enough” on the current rally.

And finally…

Renminbi notes next to U.S. dollar notes at a Kasikornbank in Bangkok, Thailand, Jan. 26, 2023.

Athit Perawongmetha | Reuters

China doubles down on promoting yuan as confidence in U.S. dollar takes a beating

China is devising more ways for foreign institutions to use the yuan, as international confidence in the U.S. dollar falters.

In a sign of growing resolve in Beijing to lure the world away from the dollar, People’s Bank of China Governor Pan Gongsheng announced plans last week to set up a center for digital yuan internationalization in Shanghai and promote the trading of yuan foreign exchange futures. Beijing has already rolled out a digital version of its currency to replace some cash and coins in circulation.

— Lee Ying Shan and Evelyn Cheng

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Reds’ Burns fans 1st 5 hitters in his MLB debut

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Reds' Burns fans 1st 5 hitters in his MLB debut

CINCINNATI — Rookie Chase Burns became the first starting pitcher in the expansion era to strike out the first five batters he faced in his major league debut.

He was not able to carry the momentum through the rest of the game.

The 22-year old Cincinnati Reds right-hander, the second overall pick in last July’s amateur draft, allowed three runs over five innings Tuesday night in a 5-4, 11-inning win over the New York Yankees.

Burns struck out his first five batters before Jazz Chisholm Jr‘s single. He gave up six hits and struck out eight, the seventh Cincinnati starter to have at least that many in his first career start.

“We watched for everything,” Reds manager Terry Francona said of Burns. “He didn’t get too excited. I think he enjoyed the competition. There’s a lot to like.”

According to the Elias Sports Bureau, Burns also joined the Yankees’ Al Leiter and Tampa Bay’s Wade Davis as the only pitchers since 1961 whose first six outs in their debuts were strikeouts. Both gave up a run during the first two innings.

Burns struck out seven of the his first 10 hitters and allowed only one hit until Ben Rice led off the fourth by connecting on a hanging slider that went 413 feet and two-thirds of the way into the right field sun deck at Great American Ball Park.

Aaron Judge followed with a base hit. Burns retired the next two hitters, Chisholm got aboard with a single and Anthony Volpe hit a two-run triple when center fielder TJ Friedl made an ill-advised dive and the ball got by him.

“I think he’s a good pitcher,” Francona said. “I don’t think him giving up a couple runs is going to make somebody fold. If that was the case, we wouldn’t have brought him up.”

Burns averaged 98.1 mph with 48 fastballs, topping out with a pair at 100.1 mph in the first inning. He threw 24 sliders, eight changeups and one curveball. New York was 1-for-9 with six strikeouts in his first time through the order and 5-for-9 with a triple and home run the second time through.

Burns threw 53 of 81 pitches for strikes. His first big league pitch was a 98.4 mph fastball to Trent Grisham that just caught the inside corner of the plate. He got Judge to chase a 91.1 mile slider for the third out in the first inning.

“I guess you have to say Judge. I have watched him. He’s a big dude and one of the best hitters in the game,” Burns said when asked if any one strikeout stood out more than the others. “It was probably my favorite one.”

Burns fell behind 3-0 on three of the first 10 batters before ending up with strikeouts, and started 11 of 21 batters with strikes and induced 12 swing and misses. He is the fifth first-round selection from last year’s draft to reach the majors, joining Athletics first baseman Nick Kurtz, Royals outfielder Jac Caglianone, Angels second baseman Christian Moore and Astros outfielder Cam Smith, who was selected by the Cubs before going to Houston in the Kyle Tucker trade last December.

The Associated Press contributed to this report.

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