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Traders work on the floor of the New York Stock Exchange on Aug. 16, 2024.

Angela Weiss | AFP | 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

Best week
Wall Street had its
best week of 2024, recovering from a rout earlier this month. For the week, the S&P 500 surged nearly 3.9%, bringing it within striking distance of its July record high. The tech-heavy Nasdaq Composite saw an even more impressive 5.2% gain, while the Dow Jones Industrial Average advanced a solid 2.9%. Meanwhile, the yield on the 10-year Treasury fell as data eased concerns of an imminent recession. 

Oil sinks
U.S. oil prices dropped 2% following reports that Qatar told Iran not to attack Israel amid ongoing Israel-Hamas cease-fire talks. Qatar’s prime minister warned Iranian leaders of the potential consequences of striking Israel when progress is being made, the Washington Post reported, citing diplomats. Talks are expected to resume this week after negotiations were paused on Friday. Hamas did not take part in talks but was briefed by mediators. U.S. Secretary of State Antony Blinken arrived in Israel on Sunday, as efforts intensify to end the 10-month-old war between Israel and Hamas.

Blocked
A U.S. judge has temporarily blocked the launch of Venu, a sports streaming service from Disney, Warner Bros. Discovery and Fox. Fubo TV, a competitor, filed an antitrust lawsuit, alleging Venu would harm competition. “Today’s ruling is a victory not only for Fubo but also for consumers. This decision will help ensure that consumers have access to a more competitive marketplace with multiple sports streaming options,” Fubo CEO David Gandler said after the injunction. Fubo’s stock surged 16% after the ruling. 

Mpox approval 
Shares of Bavarian Nordic surged 14.8% after the Danish biotech firm submitted data to the European Union’s drug regulator to extend its mpox vaccine approval for 12 to 17-year-olds. CEO Paul Chaplin said the move is key in combating the new clade 1b strain, which primarily affects younger people. “More than 70% of the cases in Africa currently are in people younger than 18, so it’s going to be critical that our vaccine can be used in this younger age group,” Chaplin told CNBC. The submission comes after the World Health Organization declared the mpox outbreak in Africa as a public health emergency. 

Billion dollar Marvel
Disney‘s “Deadpool & Wolverine,” starring Ryan Reynolds and Hugh Jackman, is now the highest-grossing R-rated movie ever, surpassing Warner Bros. Discovery‘s “Joker.” With $516.8 million at the domestic box office and $568.8 million overseas, “Deadpool & Wolverine” has exceeded $1.085 billion globally. The success proves the Marvel Cinematic Universe’s box office strength despite recent setbacks and suggests the studio can explore darker themes without alienating audiences.

[PRO] Favorite tech
Despite market swings and tech pullbacks, Bernstein spotlights seven technology, media and telecoms stocks with median 26% upside, offering opportunity amid AI concerns and economic uncertainty.

The bottom line

For anyone waking up in a cold sweat, rest assured — it wasn’t just a bad dream. Global markets did experience a sharp sell-off, with Japan’s Nikkei 225 plunging 12.4% and unwinding of the yen carry trade dragging Wall Street down with it. However, markets have since rebounded, reassured by signals that Japan’s central bank will not raise rates in such a volatile environment and that the U.S. economy isn’t on the verge of a recession. 

But JPMorgan sees the recent turmoil as more than just a market anomaly. “Many market participants are dismissing the recent blowup of various crowded trades as a fluke or flash cash, but we see it as more of a dress rehearsal for what’s to come,” JPMorgan strategists said in a note.

The financial giant believes that while the risks associated with the carry trade could resurface, the heavy losses investors suffered may temper its future impact, potentially preventing a full-blown market meltdown. Nevertheless, JPMorgan cautions that concerns about economic growth remain a significant threat.

“Looking ahead, until the Sharpe ratios on the carry trades get high, we would not think these would be the catalyst for the next major correction,” the firm said. “Instead, we see the reemergence growth risk as the likely trigger.”

Last week’s U.S. inflation, retail sales and jobs data may have provided some short-term reassurance, but investors are now turning their attention to Federal Reserve Chair Jerome Powell’s upcoming speech in Jackson Hole, Wyoming. Wall Street is eagerly awaiting Powell’s outlook on inflation and the broader economy, as it could signal the direction of interest rate policy — particularly ahead of a possible September rate cut.

Market expectations for a large rate cut in September have diminished. According to the CME FedWatch Tool, investors are still pricing in at least four rate cuts by the end of the year. 

However, Goldman Sachs argues that this level of pessimism may be overblown. “The market is still pricing more cuts than our base case for 2024,” which includes a 25-basis-point cut at each of the next three meetings and beyond, Goldman noted. “Another weak jobs report would put a 50-basis-point cut in September on the table, but we think the markets has been over-weighting that probability.” 

CNBC’s Jeff Cox examines how this past week’s economic data could influence the Federal reserve’s next move.

CNBC’s Yun Li, Jesse Pound, Spencer Kimball, Brian Evans, Alex Harring, Jeff Cox, Lillian Rizzo, Sarah Whitten, Karen Gilchrist and Sean Conlon contributed to this report.

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New off-road concept that ditches screens proves it: Genesis GETS luxury

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New off-road concept that ditches screens proves it: Genesis GETS luxury

Luxury is a tough concept to pin down, but being constantly connected to work, kids, and telemarketers ain’t it. Genesis gets it, and its latest ultra-luxe off-road concept ditches screens in favor of the view out the windshield – and it’s got enough off-road chops to promise two things about those views: they’re real, and they’re spectacular!

Genesis calls its new X Gran Equator concept an elegant overlander for the modern explorer that marries on-road sophistication with off-road resilience. Whatever they call it, the 4×4’s dashboard is delightfully free from sweeping touchscreens, mood lighting, and any hint of telephonic integration.

Indeed, the interior looked so much like something from the 90s that I double and triple-checked the date on the press release. But don’t take my word for it, check it for yourself.

It’s fantastic

If you zoom in, you can see screens in the instruments. High-definition roll and pitch displays, altimeters, and probably other outdoorsy, overland-y things that the sort of people who want to do that in what would surely be a very well-appointed six-figure SUV for a similarly very well-heeled buyer.

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And that buyer? They wouldn’t miss the screen, because the screen doesn’t matter. The real show is out the front windshield – and if someone from the office calls to interrupt the vibe, you won’t even know. I know I’d pay extra for that … and I can’t imagine I’m alone.

This is how Genesis explains it:

Inside, the X Gran Equator Concept orchestrates contrast between analog architecture and digital technologies, crafting a space that feels both functional and evocative. At the center of the cabin is a four-circle display cluster on the center stack, inspired by the vintage camera dials. The interior design features contrasting colors and shapes, with a preference for geometric over organic elements. The dashboard’s linear architecture and absence of decorations focus the driver’s attention on the journey, while swiveling front seats and modular storage solutions enhance practicality.

GENESIS

Genesis didn’t provide pictures of those swiveling seats or modular storage compartments on this concept, but the X Gran Equator Concept will make its in-person debut April 18th at the Genesis booth during the 2025 New York International Auto Show.

After the show, the company will move the concept to a display at Genesis House New York in the Meatpacking District, where it will stay “in residence” until the end of July. If you’re out that way for either event, take a picture of it and tag Electrek on Instagram!

SOURCE | IMAGES: Genesis.

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New electric Honda SUV with 469 hp and 403 mile range (in China)

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New electric Honda SUV with 469 hp and 403 mile range (in China)

The new-for-2025 Honda P7 electric SUV officially went on sale earlier today with 469 hp and more than 650 km (403 miles) of range from its 89.8-kWh nickel manganese cobalt (NMC) battery … and you won’t believe the price!

First shown as a concept at the launch of Honda’s Ye brand a year ago, today. Ye is a joint venture between Honda and local automakers Dongfeng, who build the brand’s S7 model, and GAC, which helped develop the mechanically similar P7 that just went on sale.

And, by “similar,” I mean really, really similar. The AWD version of the new Honda P7 offers up to 620 km (385 miles) of CLTC-rated range, while the RWD can go 650 km (403 miles), which are identical figures to the S7. Even the crossover’s dimensions, at 4,750 mm long, 1,930 mm wide, and 1,625 mm tall with a 2,930 mm wheelbase, are identical.

Even the interiors – which are fantastic, by the way, with an innovative mix of screens, buttons, and super-slick sideview monitors – are tough to tell apart.

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Honda Ye EV interior(s)

So, how can you tell the P7 apart from its S7 sibling? The P7 has C-shaped lighting elements that are distinctive from the S7’s X-shaped lights. The end result is a face that reads a bit more “Honda” to me, but that may or may not be a good thing in the Chinese market.

Pricing for the new Honda P7 starts at 199,900 yuan (about $27,200) for the two wheel drive variant, and is also offered with all-wheel drive for 249,900 yuan (about $34,000, as I type this), complete with the sort of advanced ADAS features you have to pay good money to supervise here in the US. That pricing makes both P7 models significantly less expensive that the what the company thought would be the vehicle’s main competitor, the Tesla Model Y.

The world has changed a lot since then however – and whether or not the Model Y is still considered a serious rival remains to be seen.

If you’re in the mood to check out an all-electric Honda in the US, click here to set up a test drive and explore local deals on a new Prologue. In the meantime, I invite you to take a look at some of the press photos of the new P7, below, then let us know what you think in the comments.

SOURCE | IMAGES: Honda; via Paul Tan.

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Kia unveils the 2026 EV4, its first all-electric global sedan

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Kia unveils the 2026 EV4, its first all-electric global sedan

Kia just pulled the cover off its all-new 2026 EV4 today at the New York International Auto Show, marking the automaker’s first global all-electric sedan.

With a sleek design and practical features, Kia is clearly aiming to offer a compelling, affordable alternative to the flood of electric SUVs on the market.

The Kia EV4, set to hit US roads in early 2026, will be available in three trims – Light, Wind, and the sportier GT-Line.

Exterior and interior

Built on Kia’s 400V Electric Global Modular Platform (E-GMP), the EV4 sedan sports a distinctive low, aerodynamic profile with a sporty fastback roofline. The front showcases vertical LED headlights paired with Kia’s signature Star Map lighting and a modernized version of Kia’s Tiger Face grille.

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Around back, vertical taillights and a two-piece spoiler emphasize the sedan’s sporty stance. Buyers can choose between standard 17-inch aero wheels or the 19-inch wheels exclusive to the GT-Line trim.

Inside, Kia’s EV4 emphasizes comfort, convenience, and spaciousness. A modern, open cockpit features high-quality materials, a two-spoke steering wheel, and an available 64-color ambient lighting system. With ample passenger room and cargo space, the EV4 balances practicality with a sleek, contemporary feel.

Powertrain and performance

2026 EV4

The EV4 comes with two battery options: a 58.3 kWh pack delivering about 235 miles of range (standard on the Light trim), or a larger 81.4 kWh pack good for around 330 miles (Wind and GT-Line trims). Both models feature a 150 kW front-mounted electric motor.

Charging won’t slow you down: Kia estimates a 10-to-80% DC fast charge takes just 29 minutes for the smaller battery and 31 minutes for the larger. The EV4 comes with a standard NACS charging port and is on the front passenger side.

This Kia sedan has a drag coefficient as low as 0.23 Cd. Its updated i-Pedal 3.0 system offers smooth one-pedal driving, even in reverse and adaptive regenerative braking. Additionally, Vehicle-to-Load (V2L) capability means your EV4 can power everyday devices like laptops or camping gear.

A tech-loaded interior

2026 EV4

The EV4 features nearly 30 inches of combined widescreen displays. Personalization is easy, including themed interfaces and standard wireless Apple CarPlay and Android Auto.

Kia’s Digital Key 2.0 lets drivers manage locks, start the climate control remotely, and access other vehicle functions via smartphone. And Kia’s built-in AI Assistant ensures natural, responsive interactions, adding another convenience layer.

Comfort isn’t an afterthought, either. Dual-zone automatic climate control, available heated and ventilated seats, a heated steering wheel, and acoustic windshield glass round out the premium feel.

Advanced driver-assist technology

2026 EV4

The EV4 is equipped with Highway Driving Assist as standard, which automatically adjusts the vehicle’s set speed to match the posted speed limit (if initially set to the speed limit) and maintains distance from the vehicle in front.

Standard Hands-On Detection helps ensure drivers stay engaged by monitoring steering-wheel grip, enhancing safety on longer trips.

Other available features include Driver Attention Warning, Forward Collision Avoidance Assist, and Lane Following Assist. Optional Remote Smart Parking Assist simplifies parking in tight spots.

Look for the Kia EV4 sedan to reach US dealers in early 2026.

Read more: Kia EV Day 2025 recap: EV4 is coming to US, plus an up-close look at the EV2 and PV5 [Video]


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