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Traders work on the floor of the New York Stock Exchange (NYSE) on October 22, 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

New high for Nasdaq
On Friday, the
Nasdaq Composite hit an all-time high, but the S&P 500 and Dow Jones Industrial Average fell and snapped their six-week winning streaks. Asia-Pacific markets traded mixed Monday. Japan’s Nikkei 225 jumped about 1.8% and the yen weakened to a three-month low against the dollar on the back of the country’s election results.

Steepest drop since pandemic
China’s industrial profits in September slumped 27.1% from a year ago, according to the country’s National Bureau of Statistics. That’s the steepest drop since the start of the pandemic in March 2020, based on data from Wind Information – which excludes statistics from most of 2022 when China was under strict zero-Covid policies.

Oil prices dropped on ‘limited damage’
Prices for both Brent and West Texas Intermediate oil futures dropped more than 4% on Monday. This comes after Iranian media described Israel’s strikes over the weekend on its military installations as causing “limited damage.” Citi lowered its forecast for Brent oil prices by $4 to $70 per barrel over the next three months.

Japan’s ruling coalition loses parliamentary majority
Japan’s Liberal Democratic Party and its Komeito partner will lose their parliamentary majority, according to projections from public broadcaster NHK and publication Nikkei Asia, while the opposition camp made significant gains. The Japanese yen fell against the U.S. dollar on the political uncertainty.

[PRO] Very, very busy week for markets
This week is jam-packed with important earnings and economic data. Five of the Magnificent Seven companies report earnings. The personal consumption expenditures index report for September and the key jobs report for October will also be released this week.

The bottom line

The Nasdaq Composite managed to log a seventh consecutive winning week.

After adding 0.56% on Friday, the index closed at an all-time high, ending the week 0.2% higher.

Other major U.S. indexes, however, didn’t do so well. Both the S&P 500 and Dow Jones Industrial Average shattered their six-week positive streak following their falls on Friday.

The tech-heavy Nasdaq was boosted by Tesla’s monster rally. Investors also looked ahead to Big Tech earnings coming out this week: shares of Meta, Amazon and Microsoft added as much as 1%.

Earnings season has been a mixed bag so far. Even though almost three-quarters of S&P companies have beaten expectations, according to FactSet data, the rate of profit growth has not met expectations, disappointing investors.

Tesla had a monster rally over two days last week, which helped it regain all its losses for the year. But more than half of the 20-largest companies saw their stocks fall after they announced their financials last week, notes CNBC’s Pia Singh.

As those companies were mostly from sectors outside tech, their losses dragged down the S&P and the Dow, especially, since a good proportion were constituents of the 30-stock index. In fact, around 90% of Dow members ended the week in the red.

For instance, Coca-Cola surpassed Wall Street’s estimates of its earnings and revenue, but its shares still fell. Investors were perhaps disappointed by news that consumers are buying fewer packs of Coke products, as CEO James Quincey said during the post-earnings conference call, and troubled by the headwinds that the company thinks will hamper its growth in 2025.

With five of the Magnificent Seven companies reporting earnings and crucial economic data coming out this week, investors will hope all the numbers line up for a payout – if not of the jackpot magnitude, then at least one that jolts the S&P and Dow back into the green again.

— CNBC’s Brian Evans, Pia Singh and Alex Harring contributed to this report.   

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Tesla manager fired for sounding the alarm explains why the automaker is screwed

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Tesla manager fired for sounding the alarm explains why the automaker is screwed

A Tesla manager who was recently fired for warning that CEO Elon Musk was ruining the company, Matthew LaBrot, has given an interview to give more details about the situation and how he doesn’t see Tesla coming out of it.

Last month, we reported on how LaBrot, a 5-year veteran manager at Tesla, led an effort to represent Tesla employees who believe CEO Elon Musk has become an obstacle to the company’s success through an open letter.

He called for Musk to resign:

The damage done to Elon’s personal brand is now irreversible and as the public face of Tesla, that damage has become our burden. We are now at a crossroads: continue with Elon as CEO and face further decline as customers abandon the brand, or move forward without him and allow our products and mission to succeed or fail on their own.

Unsurprisingly, he was quickly let go.

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LaBrot has never given an interview with Hard Reset in which he went into a lot more detail about the situation.

First off, after being attacked by Musk fans, LaBrot established that he was a successful employee at Tesla.

He joined the automaker in 2019 as an assistant manager and quickly advanced through the ranks, becoming a general manager and subsequently transitioning to corporate roles in sales and training.

He said:

I think I added a ton of value, especially the last position. Every sales and delivery employee was being trained through my words. And I think that that shows the trust that Tesla had in me. It is kind of crazy to be on the outside now, no longer being a part of that.

LaBrot owns a Cybertruck and a Model Y. You can’t call him a Tesla hater.

He is a true believer in the mission to accelerate the adoption of electric vehicles, and his job revolved around that:

You know, this wasn’t a new thing for me. Over my entire time at Tesla, I considered myself an activist for electric vehicles, and clean energy. For almost six years, I’ve been focused on overcoming misinformation about EVs and helping grow that mission. It has become easier in recent years, but in my first couple of years at the company, every sales conversation we would have involved trying to change people’s opinions. Once we hit a tipping point where the person who’s running this company is now pushing customers away from the mission, then the priority shifted. That priority was to be an activist to try to save the company.

The former Tesla manager explained that he used to admire Musk and that he even joined Twitter when he bought it, but he quickly got disillusioned by it.

From there, he reported starting to see growing difficulties trying to convince Tesla customers to upgrade and return to the brand, which he partly linked to what Musk was saying on the social media platform and his public support for people Tesla has been fighting in its mission to accelerate EV adoption.

When asked how Musk has been allowed to continue running Tesla amid all the various controversies, he said that he thought the board would act after Trump’s inauguration, but he saw them instead doubling down, allowing him to lead all-hands meetings by himself without other leadership.

He became the clear sole leader at Tesla.

LaBrott also highlighted how Tesla claimed that the decline in sales in Q1 was solely due to the Model Y changeover, as we have been extensively reporting over the last few months, the problem is much bigger:

Without speaking to anything that hasn’t been published — the Q1 numbers obviously came out and showed a decline. You’ll hear what they’re saying about while we were ramping up production, that’s why we didn’t sell very many cars. People were waiting for new Model Y. Fine. But now you can just use your eyes and drive by any location and see how many new Model Ys are available, in inventory. You can go to the Tesla website, and get almost any configuration of a new Model Y available same day. That is not how Tesla works. The company needs a backlog in orders to hit the delivery numbers that they have.

The former manager was pretty clear that he doesn’t see this trend getting reversed for anything other than Musk leaving and even also selling his stake in Tesla:

I don’t think that there’s anything he can do to change the people’s opinion that have decided they’re not going to support Tesla outside of him leaving. And even a lot of people that I’ve spoken to don’t even think that’s enough at this point. They want him to sell all his shares and things like that, which I don’t expect. I think for Tesla, as far as vehicle sales go, it’s game over.

He highlighted that he understands that Musk has been claiming he doesn’t care about EV sales anymore because he believes it’s all about autonomous driving and robots, which LaBrot actually likes as a long term goal, but he thinks the current EV sale trend will result in Tesla becoming unprofitable before it can get there.

LaBrot had a message to current Tesla employees:

For employees still there, collect your paycheck if you want, ride this thing down to the grave, that makes sense to me financially. But I think it’s just important for people to acknowledge that this is not going to get better with that guy in charge.

Though he sympathizes with people over the current job market and believes that companies are taking advantage of this situation, which discourages people from speaking out against situations like the one at Tesla.

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CNBC Daily Open: The prospect of an Israel-Iran ceasefire dims as Trump weighs strikes

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CNBC Daily Open: The prospect of an Israel-Iran ceasefire dims as Trump weighs strikes

U.S. President Donald Trump steps off of Air Force One after arriving back at Joint Base Andrews on June 17, 2025 on Joint Base Andrews, Maryland. Trump said he left the G7 Leaders’ Summit a day early to return to Washington to try to deal with the conflict between Israel and Iran.

Chip Somodevilla | Getty Images News | Getty Images

Hopes of a quick ceasefire between Israel and Iran were dashed by several social media posts from U.S. President Donald Trump. As he took an early departure from the Group of Seven summit, Trump said it “certainly has nothing to do with a Cease Fire” and that he was involved in something “much bigger than that.”

What’s bigger than a ceasefire? An escalation in conflict on the prospect of the U.S. joining the hostilities in the Middle East. Trump, on his social media platform Truth Social, threatened Iran’s leader Ayatollah Ali Khamenei that he is an “easy target” and wants him to “surrender.”

Trump’s posts on Truth Social brought U.S. stocks lower and caused oil prices, which were on the retreat Monday, to shoot up more than 4% during Tuesday’s trading session in America. A weaker-than-expected U.S. retail sales report in May also added to the heavy sentiment in markets.

The U.S. Federal Reserve’s rate-setting meeting will conclude Wednesday. While central bankers are expected to leave interest rates unchanged, the committee will release updated projections of where they see rates going. Chair Jerome Powell will also answer questions from the media at this press conference. All of those are market-moving events — so it’s a relief, at least, they come from official communiques.

What you need to know today

Trump weighs strike on Iran
A
U.S. military strike against Iran is one of the options Trump is considering, after meeting with his top national security advisors on Tuesday afternoon, current and former administration officials told NBC News. Earlier in the day, Trump wrote on Truth Social that the U.S. knows “exactly” where the Iran’s leader, Ayatollah Ali Khamenei, is “hiding,” and demanded “UNCONDITIONAL SURRENDER!”

U.S. markets fell while Asia trades mixed
U.S. stocks retreated Tuesday as Trump’s rhetoric on Iran ramped up. The S&P 500 fell 0.84%, the Dow Jones Industrial Average shed 0.7% and the Nasdaq Composite was down 0.91%. Asia-Pacific markets were mixed Wednesday. At 1:30 p.m. Singapore time, Japan’s Nikkei 225 rose 0.77% even as the government reported a drop in exports in May, while South Korea’s Kospi added 0.56%. Hong Kong’s Hang Seng Index, however, lost 1.23%.

Exports from Japan fall in May
Japan exports in May declined 1.7% year over year, according to data from Japan’s trade ministry released Wednesday. While that drop fares better than the 3.8% decline expected from a Reuters poll of economists, it’s still the steepest fall since September 2024 and reverses the 2% growth in April. Exports to the U.S. dropped 11.1% from a year earlier, much worse than than the 1.8% fall in April.

Meta trying to poach OpenAI staff: Altman
On a podcast released Tuesday, OpenAI CEO Sam Altman said Meta had sought to hire “a lot of people” from the artificial intelligence company, and had offered signing bonuses as high as $100 million — but “so far none of our best people have decided to take them up on that.” Meta CEO Mark Zuckerberg is frustrated with his firm’s standing in the AI space, sources told CNBC.

U.S. passes landmark crypto bill
The U.S. Senate on Tuesday passed the GENIUS Act, a landmark crypto bill that establishes federal guardrails, including full reserve backing, monthly audits, and anti-money laundering compliance, for U.S. dollar-pegged stablecoins. It also opens the door to a range of issuers, including banks, fintechs, and major retailers looking to launch their own stablecoins or integrate them into existing payment systems.

[PRO] Global stocks will reign: Investors
The era of U.S. exceptionalism might be coming to an end. Not only have global stocks vastly outperformed those in America year to date, investors also think they will be the best-performing asset class over the next five years, according to the results of Bank of America’s latest fund manager survey.

And finally…

Federal Reserve Chair Jerome Powell.

Chip Somodevilla | Getty Images

The Fed is likely to keep rates the same but give a forecast that moves markets. What to expect

While any immediate movement on interest rates seems improbable, the Federal Reserve’s policy meeting, which concludes Wednesday, will feature important signals that still could move markets.

Among the biggest things to watch will be whether Federal Open Market Committee members stick with their previous forecast of two rate cuts this year, how they see inflation trending, and any reaction from Chair Jerome Powell to what has become a concerted White House campaign for easier monetary policy.

As things stand heading into the meeting, markets are pricing in the next cut to come in September, which would be the one-year anniversary of a surprisingly aggressive half-percentage-point reduction the FOMC instituted amid concerns over the labor market. The committee added two more quarter-point moves by the end of the year and has been on hold since.

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New GM patent leaks plans for drone assisted towing

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New GM patent leaks plans for drone assisted towing

Like manual transmission shifting, the ability back a tow hitch under a trailer coupler seems to be a skill that younger generations have given up on – but that doesn’t mean they don’t want to haul their bikes, boats, or RVs out into the wilderness. Now, a new patent reveals GM’s plans to make hooking a trailer to your vehicle even easier, with a drone.

The watchdogs over at GM Authority have uncovered a new filing with the United States Patent and Trademark Office (USPTO) published 27MAY2025, under patent number US 12,312,107 B2.

The new GM patent describes a smart trailering system that uses a semi-autonomous electric drone to help inexperienced drivers manage their combined towing rigs with a combination of vehicle telematics and a comprehensive array of cameras, radar, and LiDAR sensors that are constantly tracking the truck, the trailer, and the road conditions ahead.

More than that, however, the drone system reportedly runs a series of safety checks that new trailerers and RVers may not know how – or even that they should be doing. These include checks to ensure that the trailer is properly attached to the hitch, checking the trailer’s load balance for handling and safety, and confirming that brake lights and turn signals are functioning properly.

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Guardian angel drone


GM drone assisted towing patent; via USPTO.

Once on the road, the drone can follow along, providing a live video feed to eliminate blind spots while changing lanes. GM says the system could also alert the driver if something is wrong, like if the trailer is swaying too much or if cargo has come loose or shifted unexpectedly.

Finally, the drone can fly directly above the vehicle and trailer rig, giving drivers the sort of overhead “360” view they might already be familiar with in their GM vehicles – but expanded to include the trailer as well. In concept, it’ll look something like this (below).

GM drone overhead view


GM overhead drone eye view; via USPTO.

There’s a lot more to this, with boat launching assist, hitch guidance, and other safety angles, but you get the idea. This isn’t quite the self-hitching, self-parking, Segway-like Airstream concept shown at CES 2022, but it’s definitely a step in the right direction – especially if, like me, you believe that the best way to teach someone to appreciate nature is to get them out in it.

Let us know what you think of all this drone assisted high-tech driver support tech GM is working on in the comments.

SOURCES: USPTO, via GM Authority; featured image via ChatGPT.


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