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.

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%.  

Ackman to raise $1 billion
Billionaire investor Bill Ackman is selling a 10% stake in his hedge fund, Pershing Square, at a $10.5 billion valuation. The firm hopes to raise $1.05 billion through this sale. This move is intended to pave the way for an initial public offering. The sale is expected to attract new investors and provide liquidity for existing ones. Pershing Square had $18.6 billion in total assets under management as of the end of April. 

Moderna gets RSV approval
The Food and Drug Administration approved Moderna’s respiratory syncytial virus vaccine for people over 60 years old. This is Moderna’s second product to enter the U.S. market and it is the first mRNA vaccine approved for a disease other than Covid-19. The vaccine is expected to compete with similar shots from GSK and Pfizer. It’s a crucial new revenue stream for Moderna amid declining demand for its COVID vaccine. 

[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.

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 and Annika Kim Constantino contributed to this report.

North Dakota Gov. Doug Burgum – a potential pick to be former President Donald Trump‘s running mate – is denying claims that the former president had told oil executives he’d reduce regulations if elected in exchange for helping him raise money to return to the White House. 

According to the Washington Post, Trump told a few of the country’s top oil executives in a meeting with them earlier this year at his Mar-a-Lago club in Palm Beach, Florida, that he’d reverse dozens of environmental rules and policies that the Biden administration has put in place and prevent new ones from being implemented. That is, if they raised $1 billion to re-elect him.

That donation would make it a “deal” given that they’d avoid taxation and regulation because of him, he said. Trump also reportedly told the executives that he would auction off more oil drilling leases in the Gulf of Mexico.

“I was at that meeting – that did not happen,” Burgum said on CBS’ “Face the Nation” on Sunday. “He didn’t ask for a billion dollars in donations, and there was no quid pro quo.”

Burgum also denied that Trump was targeting the oil industry to finance his reelection, saying that “he’s not targeting anybody” and is “doing what candidates do” by going and listening to an industry that is “fundamental to the entire economy.”

In January, Burgum endorsed Trump for president. He ended his bid to become the Republican nominee a month earlier in December 2023 after launching his campaign in June of that year and has since become an advisor to Trump on energy policy.

Burgum’s family leases 200 acres of farmland in Williams County, North Dakota, to Continental Resources – the largest oil and gas leaseholder in that state – for oil and gas pumping.

While his financial disclosure reveals that he’s made up to $50,000 in royalties since late 2022 from the deal with Continental, experts told CNBC that he and his family business have likely made thousands more since they signed a contract with the company in 2009.

When asked whether his aligning with the energy industry is alienating young voters who say that climate and environmental policy is important to them, Burgum is “not concerned about it at all,” he said.

Burgum, who’s also a software entrepreneur, announced earlier this year that he won’t be seeking a third term as governor. His second term is set to end on December 14.

The prominent OPEC+ oil producers’ alliance is awaiting concrete central bank action on interest rates before factoring in the potential impact on the energy demand landscape, according to Saudi Arabia’s energy minister.

“Central banks, with all respect, they’re flip-flopping [on their messaging],” Prince Abdulaziz bin Salman said during a Sunday press briefing, in response to a question on whether OPEC+ supply cuts could reinject inflationary pressures worldwide, at a time when central banks are reining in consumer price increases and shyly inching toward possibly cutting interest rates.

Earlier on Sunday, the OPEC+ group — which combines the Organization of the Petroleum Exporting Countries and its allies — agreed to extend official output cuts until the end of next year. A subset of the coalition will stretch out two further layers of additional voluntary supply reductions: This subgroup of eight countries will prolong a 1.7 million-barrels-per-day tranche all the way through 2025, and a larger 2.2 million-barrels-per-day cut until the end of the third quarter.

The production strategy decisions come at a time when OPEC’s own forecasts show a 2.25 million barrel-per-day increase in demand, according to the Monthly Oil Market Report of May. The imminent summer driving season and the end of refinery maintenance in China are also set to exacerbate the call on crude in the short term.

Energy costs spiked worldwide in the wake of Russia’s full-fledged invasion of Ukraine, aggravating the economic downturn that followed the Covid-19 pandemic. Global institutions have previously mentioned energy prices as underpinning inflationary concerns. In turn, the piled-on inflation has muzzled oil demand.

Expectations have mounted over the timeframe and number of rate cuts likely to be carried out by global central banks, whose nations battle indefatigably sticky inflation. The European Central Bank is widely projected to implement a long-awaited reduction during its meeting of June 6, even as inflation in the euro zone logged a recent annual bump to 2.6% in May, from 2.4% in April.

Policy easing was also anticipated in the short term from the U.S. Federal Reserve, but a recent spate of stronger-than-expected economic data and indications from policymakers dimmed those prospects.

“Show me any central banker who [has] a determination to give people a trajectory of when and where and how they are going to bring interest rates down,” Saudi Arabia’s Abdulaziz bin Salman said amid the ongoing ambivalence, stressing that the group awaits “more certainty on the overall economic trajectory that will probably cause demand to increase with a clear path.”

The OPEC+ coalition has repeatedly said that it will step in to promptly and flexibly address changes in the oil market, as needed. On Sunday, the Saudi energy minister defended that the alliance’s latest production strategy is based off the current market picture.

“As it is today, we believe that this thing requires us to give the market clarity on what signals that we are issuing, and it is paramount for people to take an example of what we are doing,” he said.