CNBC Daily Open: Wall Street’s ‘dress rehearsal’

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.

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. 

Asia markets mixed
After a broad rally last week, markets in the Asia-Pacific region were mixed as investors awaited economic data and central bank interest rate decisions. Japan’s Nikkei 225 snapped a five-day winning streak, sliding 1.7% after core machinery orders fell surprisingly short of expectations. South Korea’s Kospi dipped 0.85%, while Australia’s S&P/ASX 200 nudged up 0.12%. Hong Kong’s Hang Seng index rose 0.93% as JD.com soared 4.4% after…