Chips are down — but not for the Dow

Hello, this is Anniek Bao writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.

Wall Street had a strong session overnight — if you squint past the Nasdaq. The Dow hit an all-time high and oil cooled on optimism that the Iran war was nearing its end.

Chip stocks, however, stumbled; bitcoin is hovering at its weakest since the war began, private credit is throwing off sparks again — and a flesh-eating parasite has turned up in Texas.

As Wall Street is throwing a rocket-themed party for SpaceX, rating agency S&P Global made it clear that the blockbuster IPO may not see a swift entry for the company into its benchmark index.

U.S. President Donald Trump said he’d be “honored” to meet Iran’s Supreme Leader Ayatollah Mojtaba Khamenei, if a deal can be reached, while the Wall Street Journal reported that the president was reluctant to resume a full-scale war with Tehran.

Brent futures, the international crude benchmark, lost 2.8% to close at $95.03 per barrel, West Texas Intermediate futures dropped 3.1% to settle at $93.04 per barrel Thursday. Both were down in Friday Asia trading.

That drop in oil comes even as Iran-backed Hezbollah has rejected the terms of a U.S.-backed ceasefire agreed between Israel and Lebanon as “absurd, humiliating and insulting,” demanding a full Israeli withdrawal before any deal holds.

From energy to tech: Broadcom tumbled about 15% after missing revenue expectations — enough to drag the Nasdaq down nearly 0.1% even as the rest of Wall Street cheered. The tech contagion spread to stocks in Asia, dragging key indexes lower.

Senator Elizabeth Warren has invited Nvidia CEO Jensen Huang to testify before the Senate Banking Committee on June 11 over the company’s China sales and U.S. export controls, according to a letter seen by CNBC.

Meanwhile, TSMC Chairman Che-Chia Wei told shareholders on Thursday that the firm was striving to keep up with demand and avoid becoming a bottleneck in the global supply chain, while signaling a willingness to raise prices.

Crypto slide continued, with bitcoin weathering its ugliest week in months, briefly dipping below $62,000 before steadying near $63,719. It has now erased all of its gains since the war began, caught between ETF outflows, a rotation into other assets and Michael Saylor’s Strategy revealing its first bitcoin sale since 2022.

Cracks in private credit widened. Blackstone capped withdrawals from its flagship Blackstone Private Credit fund, following a spike in investor redemption requests. It followed Switzerland’s Partners Group, which did the same for one of its private equity vehicles while warning that it…