Wall Street looks past political uncertainty

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.

Tech rebound
The S&P 500 posted its biggest gain since June 5, recovering from its worst weekly slide since April, as tech stocks rebounded led by Nvidia. The Nasdaq Composite rose 1.58% to close above 18,000, while the Dow Jones Industrial Average advanced 127 points. Small-cap stocks also performed well, with the Russell 2000 rising 1.7%. The yield on the 10-year Treasury inched higher ahead of economic data later in the week. U.S. oil prices slipped.

CrowdStrike tumbles
Republican representatives have called on CrowdStrike CEO George Kurtz to testify before the House Committee on Homeland Security, following a faulty software update that crashed millions of Microsoft Windows devices. Rep. Mark Green and Rep. Andrew Garbarino said the incident was a “warning about the national security risks associated with network dependency,” according to a letter issued on Monday. CrowdStrike shares slumped 13%. Reeling from the IT glitch, Delta Air Lines canceled 900 flights — 23% of its mainline operations — by Monday evening.

Buffett trims stake
Warren Buffett‘s Berkshire Hathaway has sold $1.5 billion worth of Bank of America shares, marking the first reduction in its stake since 2019. The move comes after the bank’s stock rallied 27.4% this year, reaching its highest level since March 2022. Despite the sale, Bank of America remains Berkshire’s second-largest holding after Apple, and Berkshire remains the bank’s largest shareholder with a 10.8% stake.

Vote of confidence
Boeing secured an order for 40 wide-body jets from Korean Air at the Farnborough Airshow. The order includes 20 Boeing 777X planes — which are yet to be certified — and the same number of 787-10 Dreamliners, with an option for 10 more Dreamliners. The deal marks a significant win for Boeing, which has faced recent challenges with production delays and safety concerns. “If I wasn’t assured, I would not have ordered it,” Korean Air CEO Walter Cho said. “I know Boeing will pull through whatever it is they’re going through right now, and I have full confidence in Boeing.” 

NBA rights
Warner Bros. Discovery has exercised its right to match a $1.8 billion per year deal between the National Basketball Association and Amazon Prime Video for a package of games. The move allows Warner Bros. to retain some of its NBA broadcasting rights. However, the NBA may not want Warner Bros. as a media rights partner and could reject the company’s matching rights, which could lead to a legal tussle. 

[PRO] Market uncertainty
Wall Street had anticipated a Trump victory following President Joe Biden’s poor June debate…