Chef Oscar Padilla prepares food at his new restaurant Gaucho Parrilla in Arvada, Colorado on Thursday, February 23, 2023.
Hyoung Chang | Denver Post | Getty Images
This report is from today’s CNBC Daily Open, our new, 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.
Stocks sold off
U.S. stocks experienced a sell-off and all major indexes closed in the red. Meanwhile, U.S. Treasury yields rose for the second consecutive day. The pan-European Stoxx 600 lost 0.57%, with most sectors and all major bourses in negative territory. Relatedly, Germany’s new manufacturing orders in July fell 11.7% month on month, according to provisional Destatis figures, a big plunge from June’s 7.6% increase.
Inside the Magic Kingdom’s chaos
What did a private bathroom, Oogie Boogie and a hippo have to do with the behind-the-scenes chaos between Bob Iger and Bob Chapek at Disney? CNBC’s Alex Sherman spoke with more than 25 people who worked closely with Iger and Chapek between 2020 and 2022, uncovering the inside story of a CEO succession plan gone awry.
An Apple-Arm agreement
Apple has signed an agreement with Arm that “extends beyond 2040,” Arm said in a U.S. Securities and Exchange Commission filing. This suggests Apple has secured access to the Arm architecture, an instruction set that outlines how a chip’s central processor works, for the foreseeable future. That can only boost the excitement around Arm’s upcoming IPO that values it as high as $52 billion.
The European Commission designated Alphabet, Amazon, Apple, ByteDance, Meta and Microsoft as “gatekeepers” under its new Digital Markets Act. That means they’re considered massive internet platforms which restrict access to services such as search and advertising, in the EU’s views. The six tech giants have six months to bring their platform services into compliance with the EU’s DMA.
[PRO] New on Goldman’s conviction list
Goldman Sachs updated its conviction list, a collection of companies that the bank’s global investment research department thinks are good buys. There’s a new name on the list that Goldman thinks will experience a 27% growth in revenue in 2023 — and one that was removed after its shares tumbled 42% this year.