Traders work on the floor of the New York Stock Exchange during morning trading on July 06, 2023 in New York City.
Michael M. Santiago | Getty Images
This report is from today’s CNBC Daily Open, our new, 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
Markets shook off fears U.S. stocks rose Monday despite a 4% spike in oil prices caused by the Israel-Hamas war. Even the Russell 2000 rose, signaling investor confidence. Europe’s Stoxx 600 index fell 0.26%. Shares of Energean, an oil and gas company that operates in Israel, plunged 17.55%, while that of Metro Bank soared 10.94% on the news it’s secured new capital.
‘Complete siege’ of Gaza Strip Israel continued bombarding the Gaza Strip with airstrikes Monday — and planned to cut off electricity, water and food supplies — as part of its response to Saturday’s attack by Palestinian militant group Hamas. Deaths on both sides have exceeded 1,300 so far. If suspicions of Iranian involvement in Hamas’ attack prove true, a regional war in the Middle East is likely, according to political analysts.
Peak oil, or not? OPEC thinks global oil demand will reach 116 million barrels per day by 2045, around 6 million more bpd than its prediction last year. (The world used 99.6 million bpd last year.) By contrast, the International Energy Agency forecast demand for oil to peak before 2030. OPEC has called the IEA’s statement “extremely risky,” “impractical” and “ideologically driven.”
Get wind of this Despite OPEC’s oil demand prediction, it’s undeniable alternative sources of energy are catching on. Dogger Bank Wind Farm, described as the “world’s largest offshore wind farm,” began producing energy over the weekend. Located off the coast of northeast England, the wind farm will have a total capacity of 3.6 gigawatts — capable of powering 6 million homes per year — once fully up and running.
[PRO] Risk-off sentiment? Israel’s war against Hamas may drive investors away from risk assets, said Alpine Macro. That is, stocks, already buckling under rising yields and interest rates, may drop further this year. For more clues on what might happen in markets, Alpine Macro points investors to Russia’s invasion of Ukraine beginning in 2022 — when the S&P 500 suffered a long losing streak.
The bottom line
Major indexes rose despite the geopolitical upheaval in the Middle East.
Of course, some might attribute that increase to the usual suspects benefiting from armed conflicts. Oil and gas giants popped on rising crude futures. Defense stocks were also bolstered, especially after Bank of America said the U.S. government could increase defense investments.
But Anna Rathbun, chief investment officer for CBIZ Investment Advisory Services, thinks those movements in specific sectors are mostly “a knee-jerk reaction” because investors aren’t sure how the Israel-Hamas war will play out.
“So there’s dust going up, and now the dust is coming back down,” Rathbun said. “I think it will take a few days to really understand where the impact actually is.”
However, in terms of broader moves, analysts think markets have, over the weekend, already digested the implications of the conflict.
“As long as … diplomatic efforts continue to focus on keeping the conflict contained, the market looks at it and says, we’ve seen this before,” said Quincy Krosby, chief global strategist at LPL Financial.
Echoing that, Meera Pandit, global market strategist at JPMorgan Asset Management, said on CNBC, “The impact in the longer run from geopolitical events tends to be somewhat contained.”
In another vote of confidence, even the Russell 2000 index of small-cap companies rose 0.6% — performing better than the Dow and Nasdaq. As I’ve noted before, the Russell 2000 reflects macroeconomic conditions more accurately and rapidly than bigger indexes. So its gains yesterday might be a sign the market’s “preparing to turn,” as Krosby puts it.
It can seem jarring that markets are recovering just as a fresh, deadly conflict is raging. But it corroborates what we’ve seen this year: Russian aggression in Ukraine had only a muted effect, if any, on the U.S. economy and markets.
The new CLA Shooting Brake is the first electric Mercedes vehicle available as an estate. It’s more spacious, more capable, and more high-tech than ever.
Meet the new Mercedes CLA Shooting Brake EV
Mercedes introduced the new CLA Shooting Brake on Tuesday, its first electric estate car. The Shooting Brake arrives as the second EV from the luxury brand’s new entry-level family of vehicles.
The electric wagon takes the best of the new CLA, which was revealed just a few weeks ago, and adds more space and capability.
It’s also bigger than the current CLA Shooting Brake, offering a more spacious interior. The new EV measures 4,723 mm in length, or 35 mm longer than the outgoing model.
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With an extended wheelbase of 2,790 mm (+61 mm), the electric version offers 14 mm more headroom and 11 mm more legroom in the front. Rear passengers gain 7 mm of headroom but lose 6 mm of legroom compared to the current model.
Boot space is 455 L, which is 50 L more than the CLA sedan, but 30 L less than the outgoing Shooting Brake. However, it does include an added Frunk (front trunk) for an extra 101 L of storage space.
With all seats folded, overall storage space is 1,290 L. It also comes with standard roof rails, which Mercedes claims can easily fit surfboards or bicycles with a 75 kg (165 lbs) load capacity.
Mercedes-Benz CLA Shooting Brake with EQ Technology (Source: Mercedes-Benz)
Inside, the new Shooting Brake is nearly identical to the CLA Sedan. It features the new Mercedes-Benz Operating System (MB.OS) with its fourth-gen infotainment.
The setup includes a 14″ infotainment and 10.25″ driver display screens. An extra 14″ passenger screen is available. A trim piece with star-pattern graphics replaces it if not. All three screens are powered by the latest-gen chips and graphics from Unity Game Engine.
Mercedes-Benz CLA Shooting Brake EV interior (Source: Mercedes-Benz)
Powered by the new Mercedes-Benz Modular Architecture and an 85 kWh battery, the new Shooting Brake EV offers up to 473 miles (761 km) WLTP range.
It will be available in single and dual-motor powertrains. The base CLA 250+ Shooting Brake has 268 hp (200 kW) output and a WLTP range of up to 473 miles (761 km). Meanwhile, the dual-motor CLA 350 4MATIC Shooting Brake has combined 349 hp (260 kW) and a range of up to 454 miles (730 km).
Mercedes-Benz CLA Shooting Brake EV interior (Source: Mercedes-Benz)
Based on its 800V architecture, the new electric estate can add 193 miles (310 km) WLTP driving range within 10 minutes. Mercedes said that should be plenty to get from Geneva to Milan or Berlin to Hamburg.
Mercedes will introduce new EV variants in early 2026, followed by a 1.5 L hybrid model. Prices will be revealed closer to launch, but it’s expected to start slightly higher than the current model. The current CLA Shooting Brake starts at around €40,000 ($46,500) in Europe.
Following the new CLA and CLA Shooting Brake, Mercedes-Benz plans to launch two SUVs. Check back soon for more info on the upcoming lineup.
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Rivian today announced a partnership with Google Maps on a new navigation system for its electric vehicles.
Rivian will continue to offer its own customized navigation interface on the 15.6-inch center touchscreen, but the underlying data is now powered by (the Automotive SDK from) Google Maps instead of third-party alternatives. Rivian cites customer feedback in making this change:
Instead of doing some small incremental improvements, we wanted to profoundly change our solution so that we make it the best navigation solution in the industry by combining strengths from both teams.
End users will benefit from fresh Google Maps traffic and “much better” routing (with improved ETAs and rerouting) information that includes crowd-sourced reports about construction, accidents, and other road disruptions. Rivian will also now show Google Maps satellite imagery in a sizable upgrade.
Rivian has already been using Google Maps for place information (hours, photos, ratings, etc.) and will now let you “tap on places of interest right on the map and learn more about hours, reviews, and contact information with just a tap.” More broadly, Rivian builds on top of Android Automotive OS and offers YouTube, as well as Google Cast.
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Whether you’re about to embark on a long road trip or just trying to find the quickest way to run errands around town, navigation should be seamless, accurate and helpful.
Rivian owners will continue to have vehicle and condition-specific range EV estimates, as well as detailed information about charging stops.
Meanwhile, this Google Maps upgrade comes with a new design language that Rivian says “celebrates natural spaces in its topography and colors —from green parks to deep blue lakes and oceans.” There are also enhancements to “glanceability and easier access to information.”
These updates are also coming to the Rivian mobile app. Specifically, users can see traffic and traffic incidents, place photos/descriptions and satellite view (with a Connect+ subscription). Destination and trip sharing remains available.
Rivian Navigation with Google Maps is beginning to roll out today.
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People look at iPhones at the Apple Fifth Avenue store in New York City on May 23, 2025.
Adam Gray | Reuters
Apple and miner MP Materialsannounced a $500 million deal Tuesday for rare earth magnets and the development of a recycling facility that will reinforce the iPhone maker’s U.S. supply chain.
MP Materials stock climbed 23%. Shares of Apple were marginally higher.
As part of the agreement, Apple will buy rare earth magnets created at the company’s facility in Fort Worth, Texas. Both companies will combine on a new rare earth recycling line in Mountain Pass, California. MP Materials plans to start shipping magnets in 2027.
“American innovation drives everything we do at Apple, and we’re proud to deepen our investment in the U.S. economy,” said Apple CEO Tim Cook in a press release. “Rare earth materials are essential for making advanced technology, and this partnership will help strengthen the supply of these vital materials here in the United States.”.
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Apple said the deal will create dozens of new manufacturing and research and development roles.
Rare earth magnets are key components that make up everything from consumer electronics such as smartphones and computers to cars and renewable energy systems.
For years, the U.S. has worked on curbing its reliance on China, which dominates the global rare earth elements supply chain. MP Materials operates the only rare earth mine in the U.S.
Earlier this month, the Department of Defense became the largest shareholder in the rare earth miner, buying $400 million in preferred stock to improve rare earth magnet supply on American soil.
Apple announced a plan to invest more than $500 billion to beef up U.S. manufacturing capabilities earlier this year. The plan included a new factory for artificial intelligence servers in Texas.
Shares of MP Materials have nearly quadrupled since the start of the year, pushing the miner’s market capitalization to nearly $10 billion. The stock has nearly doubled over the last month.