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Traders work on the floor of the New York Stock Exchange during morning trading on Feb. 23, 2024 in New York City.

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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

OPEC+ extends cuts
OPEC and it allies agreed to
extend official crude production cuts into 2025 amid lackluster demand. A smaller group from the alliance, including Saudi Arabia and Russia, will also extend voluntary cuts of 1.7 million barrels per day. Saudi Arabia’s energy minister Prince Abdulaziz bin Salman said OPEC+ wants concrete rate cuts before factoring in the potential impact on energy demand. Separately, oil giant Saudi Aramco began a massive share sale to raise around $12 billion to fund the country’s continued attempts to diversify its economy.

New AI chip Rubin
Nvidia unveiled its next generation artificial intelligence chip, Rubin, a mere three months after launching its Blackwell model. This accelerated pace of development comes as competition intensifies from AMD and Intel and tech giants like Microsoft, Google and Amazon invest in their own AI chip designs. Rubin, slated for a 2026 rollout, will feature new graphics processing units, central processing units and networking chips.

Dow posts best day in 2024
The Dow Jones Industrial Average was up more than 550 points after the Federal Reserve’s preferred inflation measure cooled. Salesforce and UnitedHealth gave the Dow the upward momentum. The S&P 500 added 0.8%, while the Nasdaq Composite ticked lower as Nvidia and Tesla declined. The S&P 500 and the Nasdaq posted losses for the week, ending a five-week winning streak. For the month, the Dow was up 2.3%, the S&P gained 4.8% and Nasdaq climbed 6.8%. With inflation matching economists expectations, the yield on the 10-year Treasury dipped to 4.501%

GameStop soars, again
Shares of GameStop jumped more than 19% on Robinhood’s 24-hour exchange Sunday evening on speculation that Keith Gill could have taken a huge position in the video game retailer. Gill, who goes by DeepF——Value on Reddit and Roaring Kitty on YouTube and X, reappeared Sunday night, posting a screenshot of his account holding 5 million shares of GameStop worth $115.7 million as of Friday’s close. The post was not independently verified by CNBC.

Kospi soars on oil discovery
South Korea’s Kospi rose 1.8% after President Yoon Suk Yeol announced there was potentially a massive oil and gas reserve off the east coast that could meet the country’s gas demand for 29 years and oil demand for four years. Hong Kong’s Hang Seng jumped 2.32% after a private survey showed China’s manufacturing activity expanded at its fastest pace in nearly two years. Mainland China’s CSI 300 index inched lower, down 0.14%, after briefly turning positive on the data. Japan’s Nikkei 225 rose 1.3% and Australia’s S&P/ASX 200 added 0.78%.

[PRO] Buying volatility
Have you ever wondered what institutional investors mean when they say “buying volatility” or “selling volatility?” And is this something retail investors can do? CNBC’s Michael Khouw explains all.

The bottom line

Indian Prime Minister Narendra Modi is on course to win a rare third term, while South Africa’s ruling African National Congress lost its 30-year parliamentary majority. U.K. Prime Minister Rishi Sunak looks set for defeat in next month’s election.

As significant as these elections are, there is one that will have truly global resonance: the election of the leader of the free world in the world’s biggest economy. Last Thursday, a New York jury found former President Donald Trump guilty on all 34 felony counts of falsifying business records in his criminal hush money trial.

Shockwaves from the jury’s decision immediately rocked Trump Media & Technology Group shares, which fell 15% in extended trading. Trump owns about 65% of the company, a stake valued at approximately $5.7 billion. On Friday, the stock ended down 5%, valuing Truth Social’s owner at $8.7 billion. This valuation is entirely based on Trump’s brand and personal following.

 According to the company, most of its 621,000 shareholders are retail investors. Its first filing as a public company revealed first-quarter losses of $327.6 million on less than $1 million in revenue.

 “It’s a meme stock that has no fundamentals,” Art Hogan, chief market strategist at B Riley Wealth, told Reuters. “The valuation of that stock has always been a bit of a question mark. It certainly isn’t making any money and is trading almost at an unfathomable level.”

Trump’s megadonors shrugged off the verdict. Ahead of the decision, Blackstone CEO Steve Schwarzman told Axios that he planned to vote for Trump, and hedge fund executive and billionaire Bill Ackman is also likely to support Trump, according to people familiar with the matter. 

While the verdict had little impact on the broader market, it did make global headlines and had social media abuzz. After all, Trump’s legal problems will not prevent him from running for president, and if his first term is any indication, world leaders will be wary. 

His presidency saw a trade war with China, a destabilization of the Turkish lira and tweets warning OPEC about “oil prices getting high.” His pronouncement were, often, market moving events.  

As earnings season winds down, attention will shift to May’s nonfarm payrolls report on Friday, which will shed light on the health of the labor market and the economy.

 But strategists anticipate increased market volatility in the coming months as the 2024 election approaches, potentially becoming a significant market mover. “Without a near-term catalyst, stocks will continue to ‘chop around,'” wrote Wells Fargo equity analyst Christopher Harvey in a Friday note. “Politics remain a wild card.”  

CNBC’s Ruxandra Iordache, Natasha Turak, Brian Schwartz, Alex Harring, Sarah Min, Rebecca Picciotto, Annika Kim Constantino Shreyashi Sanyal and Yun Li contributed to this report.

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EcoFlow members can save up to 65% on power stations while supporting disaster relief during the 2025 Member’s Festival

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EcoFlow members can save up to 65% on power stations while supporting disaster relief during the 2025 Member's Festival

Portable power station specialist EcoFlow is kicking off its third annual Member’s Festival this month and is offering a unique new rewards program to those who become EcoFlow members. The 2025 EcoFlow Member’s Festival will offer savings of up to 65% for its participating customers, and a portion of those funds will be allocated toward rescue power solutions for communities around the globe through the company’s “Power for All” fund.

EcoFlow remains one of the industry leaders in portable power solutions and continues to trek forward in its vision to power a new tech-driven, eco-conscious future. Per its website:

Our mission from day one is to provide smart and eco-friendly energy solutions for individuals, families, and society at large. We are, were, and will continue to be a reliable and trusted energy companion for users around the world.

To achieve such goals, EcoFlow has continued to expand its portfolio of sustainable energy solutions to its community members, including portable power stations, solar generators, and mountable solar panels. While EcoFlow is doing plenty to support its growing customer base, it has expanded its reach by giving back to disaster-affected communities by helping bolster global disaster response efforts the best way it knows how– with portable power solutions.

EcoFlow Member
Source: EcoFlow

EcoFlow and its members look to provide “Power for All”

Since 2023, EcoFlow has collaborated with organizations worldwide as part of its “Power for All” mission. This initiative aims to ensure access to reliable and timely power to disaster-affected communities across the globe, including rescue agencies, affected hospitals, and shelters, to support rescue and recovery efforts.

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This fund most recently provided aid for communities affected by the recent Los Angeles wildfires, assistance to the Special Forces Charitable Trust (SFCT) in North Carolina following severe hurricanes, and support for non-profits engaged in hurricane preparedness in Florida and the Gulf Coast. Per Jodi Burns, CEO of the Special Forces Charitable Trust:

In the wake of devastating storms in Western North Carolina, reliable power was a critical need for the families we serve. Thanks to EcoFlow’s generous donation of generators, we were able to provide immediate relief, ensuring these families and their communities had access to power when they needed it most. We are so impressed with EcoFlow’s commitment to disaster response through their ‘Power for All’ program. It has made a tangible impact, and we are deeply grateful for their support and partnership in helping these families recover and rebuild.

In 2024, the US experienced 27 weather and climate events, each causing losses exceeding $1 billion, marking the second-highest annual total on record, according to National Centers for Environmental Information. The increasing frequency and severity of natural disasters underscore the critical need for reliable and timely power solutions during emergencies, much like EcoFlow and its members are helping provide through the “Power For All” initiative.

To support new and existing EcoFlow members, the company is celebrating its third annual Member’s Festival throughout April to offer a do-not-miss discount on its products and donate a portion of all sales to the “Power for All” fund to provide rescue power to those in need in the future. Learn how it all works below.

Source: EcoFlow

Save big and give back during the 2025 Member’s Festival

As of April 1st, you can now sign up to become an EcoFlow member to participate in the company’s exclusive 2025 Member Festival.

As a member, you can earn “EcoFlow Power Points” by completing tasks like registration, referrals, and product purchases and tracking your individual efforts toward disaster preparedness and recovery.

Beginning April 4, EcoFlow members will also be able to take advantage of exclusive discounts of up to 65% off select portable power stations, including the DELTA Pro Ultra, DELTA Pro 3, DELTA 2 Max, DELTA 3 Plus, RIVER 3 Plus, and more. However, these sale prices only last through April 25, so you’ll want to move quickly!

Click here to learn more about EcoFlow’s “Power for All” campaign. To register for EcoFlow’s 2025 Member Festival in the US, visit the EcoFlow website. To register as a member in Canada, visit here.

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Tesla loses another top talent: its long-time head of software

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Tesla loses another top talent: its long-time head of software

Tesla is losing another top talent: its long-time head of software, David Lau, has reportedly told co-workers that he is exiting the automaker.

Tesla changed how the entire auto industry looks at software.

Before Tesla, it was an afterthought; user interfaces were rudimentary, and you had to go to a dealership to get a software update on your systems.

When Tesla launched the Model S in 2012, it all changed. Your car would get better through software updates like your phone, the large center display was responsive with a UI that actually made sense and was closer to an iPad experience than a car.

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Tesla also integrated its software into its retail experience, service, and manufacturing.

David Lau deserves a lot of the credit for that.

He joined Tesla in 2012 as a senior manager of firmware engineering and quickly rose through the ranks. By 2014, he was promoted to director of firmware engineering and system integration, and in 2017, he became Vice President of software.

Lau listed the responsibilities of his team on his LinkedIn:

  • Vehicle Software:
    • Firmware for the powertrain, traction/stability control, HV electronics, battery management, and body control systems
    • UI software and underlying Embedded Linux platforms
    • Navigation and routing
    • iOS and Android Mobile apps
  • Distributed Systems:
    • Server-side software and infrastructure that provides telemetry, diagnostics, over-the-air updates, and configuration/lifecycle management
    • Data engineering and analytics platforms that power technical and business insights for an increasingly diverse set of customers across the company
    • Diagnostic tools and fleet management, Manufacturing and Automation:
  • Automation controls (PLC, robot)
    • Server-side manufacturing execution systems that power all of Tesla’s production operations
  • Product Security and Red Team for software, services, and systems across Tesla

Bloomberg reported today that Lau told his team he is leaving Tesla. The report didn’t include reasons for his stepping down.

Electrek’s Take

Twelve years at any company is a great run. At Tesla, it’s heroic. Congrats, David, on a great run. You undoubtedly had a significant impact on Tesla and software advancements in the broader auto industry.

He is another significant loss for Tesla, which has been losing a lot of top talent following a big wave of layoffs around this time last year.

I wonder who will take over. Michael Rizkalla, senior director of software engineering and vehicle firmware, is one of the most senior software engineers after Lau. He has been at Tesla for 7 years, and Tesla likes to promote within rather than hire outsiders.

There are also a lot of senior software execs working on AI at Tesla. Musk has been favoring them lately and he could fold Lau’s responsibilities under them.

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Kia’s EV3 is the best-selling retail EV in the UK right now

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Kia's EV3 is the best-selling retail EV in the UK right now

Kia’s electric SUVs are taking over. The EV3 is the best-selling retail EV in the UK this year, giving Kia its strongest sales start since it arrived 34 years ago. And it’s not just in the UK. Kia just had its best first quarter globally since it started selling cars in 1962.

Kia EV3 is the best-selling EV in the UK through March

In March, Kia sold a record nearly 20,000 vehicles in the UK, making it the fourth best-selling brand. It was also the second top-seller of electrified vehicles (EVs, PHEVs, and HEVs), accounting for over 55% of sales.

The EV3 remained the best-selling retail EV in the UK last month. Including the EV6, three-row EV9, and Niro EV, electric vehicles represented 21% of Kia’s UK sales in March.

Kia said the EV3 “started with a bang” in January, darting out as the UK’s most popular EV in retail sales. Through March, Kia’s electric SUV has held on to the crown. With the EV3 rolling out, Kia sold over 7,000 electric cars through March, nearly 50% more than in Q1 2024.

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The EV3 was the best-selling retail EV in the UK in the first quarter and the fourth best-selling EV overall, including commercial vehicles.

Kia-EV3-best-selling-EV
Kia EV3 Air 91.48 kWh in Frost Blue (Source: Kia UK)

Starting at £33,005 ($42,500), Kia said it’s the “brand’s most affordable EV yet.” It’s available with two battery packs, 58.3 kWh or 81.48 kWh, good for 430 km (270 miles) and 599 km (375 miles) of WLTP range, respectively.

Kia-EV3-best-selling-EV
From left to right: Kia EV6, EV3, and EV9 (Source: Kia UK)

With new EVs on the way, this could be just the start. Kia is launching several new EVs in the UK this year, including the EV4 sedan (and hatchback) and EV5 SUV. It also confirmed that the first PV5 electric vans will be delivered to customers by the end of the year.

Electrek’s Take

Globally, Kia sold a record 772,351 vehicles in the first quarter, its best since it started selling cars in 1962. With the new EV4, the brand’s first electric sedan and hatchback, launching this year, Kia looks to build on its momentum in 2025.

Kia has also made it very clear that it wants to be a global leader in the electric van market with its new Platform Beyond Vehicle (PBV) business, starting with the PV5 later this year.

Earlier today, we learned Kia’s midsize electric SUV, the EV5, is the fourth best-selling EV in Australia through March, outselling every BYD vehicle (at least for now). The EV5 is rolling out to new markets this year, including Canada, the UK, South Korea, and Mexico. However, it will not arrive in the US.

For those in the US, there are still a few Kia EVs to look forward to. Kia is launching the EV4 globally, including in the US, later this year. Although no date has been set, Kia confirmed the EV3 is also coming. It’s expected to arrive in mid-2026.

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