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CNBC Daily Open: The Israel-Hamas war shouldn’t affect markets much

Published

2 years ago

October 9, 2023

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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.

The S&P 500 advanced 0.63%, the Dow Jones Industrial Average increased 0.59% and the Nasdaq Composite climbed 0.39%.

“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.

Environment

Tesla’s retro-futuristic diner and Supercharger is here and it looks sick

Published

10 hours ago

July 15, 2025

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Tesla's retro-futuristic diner and Supercharger is here and it looks sick

Tesla’s retro-futuristic diner with Superchargers and giant movie screens is ready to open, and I have to admit, it looks pretty sick.

This project has been in the works for a long time.

In 2018, Elon Musk said that Tesla planned to open an “old school drive-in, roller skates & rock restaurant at one of the new Tesla Supercharger locations in Los Angeles.” It was yet another “Is he joking?” kind of Elon Musk idea, but he wasn’t kidding.

A few months later, Tesla applied for building permits for “a restaurant and Supercharger station” at a location in Santa Monica. However, the project stalled for a long time, apparently due to local regulations.

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Nevertheless, Tesla still moved forward with a Supercharger at the location, but it had to move the diner project to Hollywood. In 2022, Tesla filed the construction plans with the city, giving us the first look at what the automaker intends to build.

In 2023, the automaker broke ground on the site of the diner.

7 years after being originally announced, the project appears now ready to open:

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Musk said that he ate at the diner last night and claimed that it is “one of the coolest spots in LA.” He didn’t say when it will open, but Tesla vehicles have been spotted at Supercharger and people appear to be testing the dinning experience inside.

A Tesla Optimus Robot can be seen inside the diner on a test rack. It looks like Tesla might use one for some tasks inside the diner.

Earlier this year, Tesla integrated the diner into its mobile app – hinting at some interaction through the app – possibly ordering from it.

Electrek’s Take

I think it looks pretty cool. I am a fan of the design and concept.

However, considering the state of the Tesla community, I don’t think I’d like the vibes. That said, it looks like Tesla isn’t prominently pushing its branding on the diner.

You can come and charge there, but it looks like Tesla is also aiming to get a wider clientele just for dining.

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Environment

Westinghouse plans to build 10 large nuclear reactors in U.S., interim CEO tells Trump

Published

11 hours ago

July 15, 2025

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Westinghouse plans to build 10 large nuclear reactors in U.S., interim CEO tells Trump

Plant Vogtle Nuclear Power Plant in Waynesboro, GA, August 15, 2024.

Van Applegate | CNBC

Westinghouse plans to build 10 large nuclear reactors in the U.S. with construction to begin by 2030, interim CEO Dan Sumner told President Donald Trump at a roundtable in Pittsburgh on Tuesday.

Westinghouse’s big AP1000 reactor generates enough electricity to power more than 750,000 homes, according to the company. Building 10 of these reactors would drive $75 billion of economic value across the U.S. and $6 billion in Pennsylvania, Sumner said.

The Westinghouse executive laid out the plan to Trump during a conference on energy and artificial intelligence at Carnegie Mellon University. Technology, energy and financial executives announced more than $90 billion of investment in data centers and power infrastructure at the conference, according to the office of Sen. Dave McCormick, who organized the event.

Trump issued four executive orders in May that aim to quadruple nuclear power in the U.S. by 2050. The president called for the U.S. to have 10 nuclear plants under construction by 2050. He ordered a “wholesale revision” of the Nuclear Regulatory Commission’s rules and guidelines.

The U.S. has built only two new nuclear reactors over the past 30 years, both of which were Westinghouse AP1000s at Plant Vogtle in Waynesboro, Georgia. The project notoriously came in $18 billion over budget and seven years behind schedule, contributing to the bankruptcy of Westinghouse.

The industry stalwart emerged from bankruptcy in 2018 and us now owned by Canadian uranium miner Cameco and Brookfield Asset Management.

Westinghouse announced a partnership with Google on Tuesday to use AI tools to make the construction of AP1000s an “efficient, repeatable process,” according to the company.

Catch up on the latest energy news from CNBC Pro:

Environment

Hyundai’s electric minivan sheds its camo: Check out the new Staria EV

Published

11 hours ago

July 15, 2025

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Hyundai's electric minivan sheds its camo: Check out the new Staria EV

Hyundai’s electric minivan is finally out in the open. The Staria EV was caught without camo near Hyundai’s R&D center in Korea, giving us a closer look at the electric minivan undisguised.

Hyundai’s electric minivan drops camo ahead of debut

The Staria arrived in 2021 as the successor to the Starex, Hyundai’s multi-purpose vehicle (MPV). Although the Staria has received several updates throughout the years, 2026 will be its biggest by far.

Hyundai will launch the Staria EV, its first electric minivan. Like the current model, the 2026 Staria will be available in several different configurations, including cargo, passenger, and even a camper version.

We’ve seen the Staria EV out in public a few times already. Last month, we got a glimpse of it while driving on public roads in Korea.

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Despite the camouflage, new EV-like design elements were visible, including updated LED headlights and a full-length light bar. Although it’s still unclear, the electric version appears to be roughly the same size as the current Staria from the side, but slightly wider from the front.

New images posted on the South Korean forum Clien reveal a test car, expected to be Hyundai’s Staria electric minivan, without camo.

Like most Hyundai test cars, the prototype has a black front and a grey body. It still features a similar look to other prototypes we’ve seen, but you can clearly see the new facelift.

Earlier this year, a Staria EV was spotted in a parking lot in Korea, featuring a similar look. The electric version is nearly identical to the Staria Lounge, but with an added charge port and closed-off grille.

The Hyundai Staria EV is expected to make its global debut later this year. Technical details have yet to be revealed, but it’s expected to feature either a 76 kWh or 84 kWh battery, providing a range of around 350 km (217 miles) to 400 km (249 miles).

Hyundai's-first-electric-minivan — Hyundai Staria Lounge (Source: Hyundai)

Hyundai’s electric SUV arrives after Kia introduced its first electric van, the PV5, which launched in Europe and Korea earlier this year.

In Europe, the Kia Passenger PV5 model is available with two battery pack options: 51.5 kWh and 71.2 kWh, providing WLTP ranges of 179 miles and 249 miles, respectively. The Cargo version has a WLTP range of 181 miles or 247 miles.

Source: TheKoreanCarBlog, Clien

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