Oil soars as Middle-East tensions spike

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.

Dow record, tech stocks lag 
The Dow Jones Industrial Average closed at a record high as investors rotated out of tech stocks. The 30-stock index rose 0.16%, while the S&P 500 and the Nasdaq Composite dipped 0.32% and 0.85%, respectively. Nvidia dived 2.25% ahead of its earnings report on Wednesday. Other chip stocks Broadcom  and Micron fell 4% and 3.8%, respectively. Meanwhile, the yield on the 10-year Treasury rose slightly higher after Federal Reserve Chair Jerome Powell signaled plans to cut rates.

Apple new CFO
Apple announced that Chief Financial Officer Luca Maestri will step down on Jan. 1, to be succeeded by long-time Apple insider Kevan Parekh. Maestri, who has been CFO since 2014, will continue to lead IT, security and real estate development teams. Parekh, currently VP of financial planning and analysis, has been a key member of Apple’s finance leadership. Under Maestri’s tenure, Apple’s revenue more than doubled and the company’s stock surged over 800%. Separately, the company plans to host a press conference on Sept. 9 at its headquarters, where it is expected to unveil new iPhones and Apple Watch models.

Oil soars
U.S. crude oil prices rose 3.5% due to production halts in Libya and escalating tensions between Israel and Hezbollah. Libya’s eastern government shutdown oil production and exports amid a political dispute over who should run the central bank, potentially impacting global markets. Simultaneously, Israel and Hezbollah exchanged heavy fire. The ongoing Middle East tensions, including recent assassinations of militant leaders, have kept the region on edge.

Bronfman drops bid
Edgar Bronfman Jr. has withdrawn his bid for Paramount Global, leaving Skydance Media as the likely contender to acquire Shari Redstone’s media empire. Bronfman’s group informed Paramount’s special committee of their decision, citing discomfort among high net worth investors about sharing personal financial information, according to Reuters. The Bronfman-led group had previously proposed a $6 billion bid to take control of Paramount through its controlling shareholder, National Amusements.

Asia stocks slip
Asia-Pacific markets largely fell on Tuesday, tracking losses in the S&P 500 and the Nasdaq overnight. Hong Kong Hang Seng index slid 0.27% and mainland China’s CSI 300 lost 0.61% even as industrial profits rose 3.6% year on year. Japan’s Nikkei 225 rose 0.21% in choppy trading, while South Korea’s Kospi fell 0.37%. Australia’s S&P/ASX 200 came close to hitting an all-time high, before declining 0.17%. 

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