Vessels in the Strait of Hormuz near Bandar Abbas, Iran, May 4, 2026.
Amirhosein Khorgooi | ISNA | WANA | Via Reuters
Hello, this is Hui Jie writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.
Within days of announcing “Project Freedom,” U.S. President Donald Trump has paused it, marking the latest twist in the Middle East conflict.
What hasn’t been on hold is a tech-fueled market rally, as chip-related names push U.S. benchmarks to record highs
What you need to know today
The Iran conflict is getting murkier by the day, as both Tehran and Washington continue to give mixed signals about a diplomatic resolution.
Iran struck the UAE, while the U.S. sank Iranian ships on Monday, but their ceasefire is not over. Washington insists Iran is “defeated,” but Tehran continues to menace shipping in the Strait of Hormuz.
And the latest development: Just days after Trump announced “Project Freedom,” aimed at enforcing movement of ships stranded due to the blockade of the Hormuz Strait, he has paused it, saying that “Great Progress has been made toward a Complete and Final Agreement” with Iran.
Iran’s foreign minister, meanwhile, is expected to arrive in China, for a meeting with his counterpart in Beijing, Wang Yi. This reportedly marks the first visit since the war started, and comes ahead of U.S. President Donald Trump’s trip to China this month.
Investors reacted positively to the developments, with futures for all three major indexes climbing. That follows a robust session on Wall Street, that saw the S&P 500 and the Nasdaq hit records on the back of blockbuster earnings.
Advanced Micro Devices‘ shares jumped more than 16% in extended trading after the company reported first-quarter results that topped expectations on the back of soaring demand for chips that power artificial intelligence workloads.
Super Micro Computer saw shares jump 18% in extended trading after the server maker issued strong guidance, though revenue for its fiscal third quarter missed estimates.
Tech optimism also lifted semiconductor manufacturing company Micron into the top 10 most valuable U.S. tech companies, with shares surging 11% and pushing its market cap past $700 billion for the first time.
While uncertainty about the Iran war looms large, positive de-escalatory signals and the tech boom has boosted risk sentiment — until the next big headline.
And finally…
FDA withdrew studies finding Covid, shingles vaccines were safe
The FDA blocked the publication of several studies supporting the safety of vaccines against Covid and shingles in recent months, a Health and Human Services Department spokesperson confirmed on Tuesday.
It’s the latest effort by the Trump administration to challenge safe and effective shots in the U.S. and make them harder to access for some patients.
Under Health and Human Services Secretary Robert F. Kennedy Jr., a prominent vaccine skeptic, federal health agencies have softened Covid shot recommendations, cut back research on vaccine development and attempted to overhaul the childhood immunization schedule, among other efforts.
— Annika Kim Constantino