Traders work on the floor of the New York Stock Exchange during morning trading on May 24, 2024 in New York City.
Michael M. Santiago | Getty Images
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
Treasury yields weigh on Wall Street The S&P 500snapped its three-day winning streak as Treasury yields climbed. Despite Nvidia‘s continued rise since its earnings report last week, the tech giant couldn’t prevent the Nasdaq Composite from falling. The Dow Jones Industrial Average also declined, shedding 400 points, with insurer UnitedHealth leading losses. The yield on the 10-year Treasury note rose for a second consecutive day following a lackluster auction of government bonds on Tuesday. Rising yields can dampen consumer spending and make Treasurys and money market funds more appealing than stocks. Oil prices also slipped.
Salesforce plunges Shares of Salesforce slumped more than 17%in extended trade after the cloud software company reported weaker-than-expected revenue and issued earnings and revenue guidance that missed analysts’ expectations for the current quarter.
Peltz dumps Disney stake Activist investor Nelson Peltz has sold his entire stake in Disney, according to a person familiar with the matter. In early April, Peltz lost a proxy battle at Disney to elect himself and former Disney Chief Financial Officer Jay Rasulo to the company’s board. Peltz had long taken issue with Disney’s governance, particularly the company’s streaming strategy and a failed succession plan for CEO Bob Iger.
Bulking up on shale ConocoPhillips agreed to buy Marathon Oil in an all-stock transaction worth $17.1 billion. The acquisition will add 2 billion barrels of resources to ConocoPhillips’ portfolio, extending the company’s reach across shale fields in Texas, New Mexico and North Dakota. ConocoPhillips CEO Ryan Lance said the deal would immediately grow ConocoPhillips’ earnings, cash flow and shareholder returns after the deal closes in the fourth quarter.
American sales strategy backfires Shares of American Airlines slid more than 13% after CEO Robert Isom said the airline would slash capacity in the second half of the year. It comes a day after the carrier parted ways with its chief commercial officer, Vasu Raja, and cut its revenue and profit forecast. Raja led a plan to drive direct bookings at the airline in lieu of third-party sites and travel agencies, a strategy that included gutting the airline’s sales department. Raja will leave the company next month.
[PRO] The summer trade The Dow, S&P 500, and Nasdaq all hit record highs in May, but there are doubts that the momentum can carry on through June to August. CNBC’s Brian Evans explores historical data and shares what to expect from markets as well as which sectors typically perform the best.
The bottom line
The world can be a confusing place at times. You would think we were in the midst of an energy transition, only for that environmental nirvana to be shattered by a multibillion dollar shale deal. ConocoPhillips is set to buy Marathon Oil in a $17 billion deal that would boost its portfolio and push its market cap past that of BP, according to Enverus M&A analyst Andrew Dittmar.
No amount of federal aid for an energy transition — through Biden’s $369 billion Inflation Reduction Act and the Infrastructure Investment and Jobs Act — can bring about an immediate end to our addiction to oil.
Toyota, which has been dragging its feet on rolling out all-electric vehicles, unveiled a new range of hybrid engines on Tuesday that can use biofuels to meet tougher emissions standards. The Japanese marque is not the only one resorting to hybrid vehicles as EV sales stall due to range anxiety and insufficient charging infrastructure.
Meanwhile Chinese automaker BYD introduced a hybrid engine that, when fully loaded with battery and gasoline, can cover 2,100 kilometers (1,300 miles).
Conoco’s deal couldn’t juice markets, which, after clocking some record highs, are under pressure from rising Treasury yields. With earnings season mostly in the rearview mirror, the focus has returned to the Fed, the economy and inflation.
Atlas Merchant Capital CEO Bob Diamond told “Squawk on the Street” the Fed would “want to see some economic weakness before they cut rates. I mean 25 basis points doesn’t matter in the scheme of things. Maybe there’s 25 [points] there for signaling reasons. I don’t see the Fed, the FOMC, taking the risk of stoking inflation.”
While markets are on pace to end on a high this month, Wolfe Research chief investment strategist Chris Senyek expects trading to become a lot “choppier over the summer.” He suggests sticking with large-cap technology stocks. This month, information technology stocks have outpaced all other S&P 500 sectors, up more than 13%. Nvidia alone has advanced more than 30% in May.
“If we’re correct and trading becomes choppier, our sense is that investors are likely to stick with what has worked so far this year,” Senyek wrote. “Said differently, our sense is that the ‘Mag 7,’ Secular Growers, and Momentum stocks will outperform over the summer.”
— CNBC’s Alex Harring, Pia Singh, Spencer Kimball, Sara Salinas, Scott Wapner, Jordan Novet and Leslie Josephs contributed to this report.
Paris’ bike-share system, Vélib has long been considered one of the shining success stories of urban micromobility. With a massive fleet of over 20,000 pedal and electric-assist bicycles around Paris, the service has helped millions of residents and tourists get around the City of Light without needing a car or scooter. But lately, a growing problem is threatening to knock the wheels off this urban mobility marvel: theft and joyriding.
According to city officials and the service operator, more than 600 Vélib bikes are now going missing every single week. That’s over 30 bikes a day simply vanishing from the system – some stolen outright, others taken on “joy rides” and never returned.
“At the moment we’re missing 3,000 bikes,” explained Sylvain Raifaud, head of the Agemob company that currently operates the Velib system. That’s nearly 15% of over 20,000 Vélib bikes across Paris.
The sticky-fingered culprits aren’t necessarily professional thieves or organized crime rings. Instead, they’re often regular users who treat the shared bikes like disposable toys.
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The city estimates that many people have figured out how to pry the bikes out of the system’s parking docks, unlocking one for a casual cruise and then ditching it somewhere far from a docking station.
Once pried free, the bikes are technically usable for the next 24 hours until their automatic locking feature kicks in. At that point, the bikes are often simply abandoned. Some end up in alleyways. Others get tossed in rivers. A few just disappear completely.
And since the bikes are intended to be parked at their many docking stations around the city, they don’t have GPS chips, further complicating recovery of “liberated” bikes.
The issue started small but has grown into more than an inconvenience – it’s beginning to undermine the entire purpose of the service. With bikes going missing at such a high rate, many Vélib docking stations are left empty, especially during rush hours.
Riders looking for a quick commute or a convenient hop across town are increasingly finding themselves without available bikes, or having to walk long distances to find a functioning one.
That kind of unreliability chips away at user confidence and threatens to drive potential riders back into cars, cabs, or other less sustainable forms of transport at a time when Paris has already made great strides to dramatically reduce car usage in the city.
The losses are financially painful, too. Replacing stolen or vandalized bikes isn’t cheap, and the resources spent on tracking down missing equipment or reinforcing anti-theft measures are stretching thin. Vélib has faced theft and vandalism issues before, especially during its early years, but this latest surge has officials sounding the alarm with renewed urgency.
Officials acknowledge that there’s no easy fix. Paris, like many cities with bike-share systems, walks a fine line between accessibility and accountability. Part of what makes Vélib so successful is its ease of use and widespread availability. But those same features make it vulnerable to misuse – especially when enforcement is limited and the consequences for abuse are minimal.
The timing of the problem is especially unfortunate. In recent years, Paris has seen impressive results in reducing car traffic, expanding bike lanes, and promoting cycling as a key part of its sustainable transport strategy. Vélib is a cornerstone of that plan. But if the system becomes too unreliable, it risks losing the very people it was designed to serve.
Meanwhile, as Parisians increasingly find themselves staring at empty docks, the challenge for the city and Vélib will be to restore confidence in the system without making it harder to use. That means striking the right balance between freedom and responsibility, between open access and protection against abuse.
In a city where cycling is supposed to be the future of mobility, losing thousands of bikes to joyriders and sticky fingers isn’t just frustrating; it’s unsustainable.
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U.S. President Donald Trump and Elon Musk attend a press event in the Oval Office of the White House in Washington, D.C., U.S., May 30, 2025.
Nathan Howard | Reuters
When they lose a significant other, most men do indeed become a “TRAIN WRECK.” Then they pick up the pieces of their lives and start living again — paying attention to their personal grooming, hitting the gym and discovering new hobbies.
What does the world’s richest man do? He starts a political party.
Last weekend, as the United States celebrated its independence from the British in 1776, Elon Musk enshrined his sovereignty from U.S. President Donald Trump by establishing the creatively named “American Party.”
Few details have been revealed, but Musk said the party will focus on “just 2 or 3 Senate seats and 8 to 10 House districts,” and will have legislative discussions “with both parties” — referring to the U.S. Democratic and Republican Parties.
It might be easier to realize Musk’s dream of colonizing Mars than to bridge the political aisle in the U.S. government today.
To be fair, some thought appeared to be behind the move. Musk decided to form the party after holding a poll on X in which 65.4% of respondents voted in favor.
Folks, here’s direct democracy — and the powerful post-separation motivation — in action.
— CNBC’s Erin Doherty contributed to this report.
What you need to know today
And finally…
An investor sits in front of a board showing stock information at a brokerage office in Beijing, China.
US President Donald Trump, right, and Elon Musk, chief executive officer of Tesla Inc., during a news conference in the Oval Office of the White House in Washington, DC, US, on Friday, May 30, 2025.
Francis Chung | Bloomberg | Getty Images
When they find themselves without a significant other, most men finally start living: They pay attention to their personal grooming, hit the gym and discover new hobbies.
What does the world’s richest man do? He starts a political party.
Last weekend, as the United States celebrated its independence from the British in 1776, Elon Musk enshrined his sovereignty from U.S. President Donald Trump by establishing the creatively named “American Party.”
Few details have been revealed, but Musk said the party will focus on “just 2 or 3 Senate seats and 8 to 10 House districts,” and will have legislative discussions “with both parties” — referring to the U.S. Democratic and Republican Parties.
It might be easier to realize Musk’s dream of colonizing Mars than to bridge the political aisle in the U.S. government today.
To be fair, some thought appeared to be behind the move. Musk decided to form the party after holding a poll on X in which 65.4% of respondents voted in favor.
Folks, here’s direct democracy — and the powerful post-separation motivation — in action.
[PRO] Wall Street is growing cautious on European equities. As investors seek shelter from tumult in U.S., the Stoxx 600 index has risen 6.6% year to date. Analysts, however, think the foundations of that growth could be shaky.
And finally…
Ayrton Senna driving the Marlboro McLaren during the Belgian Grand Prix in 1992.
Pascal Rondeau | Hulton Archive | Getty Images
The CEO mindset is shifting. It’s no longer all about winning
CEOs today aren’t just steering companies — they’re navigating a minefield. From geopolitical shocks and economic volatility to rapid shifts in tech and consumer behavior, the playbook for leadership is being rewritten in real time.
In an exclusive interview with CNBC earlier this week, McLaren Racing CEO Zak Brown outlined a leadership approach centered on urgency, momentum and learning from failure.