CNBC Daily Open: Boeing's CEO testifies on safety scandals while Nasdaq hits record and G7 discusses global economic issues
- Boeing's outgoing CEO, Dave Calhoun, is set to testify in front of a Senate panel regarding the company's recent safety scandals.
- Nasdaq continues its winning streak, while Microsoft faces backlash and delays AI tracker, and the G7 addresses China's economic influence and Russia's aid.
- Elon Musk predicts that Tesla could reach a value of $25 trillion, which is half the value of the S&P 500.
The S&P 500 closed at a record high, led by megacap technology stocks Microsoft and Apple. Immigration has helped the U.S. job market sustain a strong run without reigniting inflation. Nvidia's surge will compel the Technology Select Sector SPDR Fund to buy over $10 billion of its shares. Microsoft will lead the index after rebalancing based on market cap. Evercore ISI predicts the stock market will soar to unprecedented heights, setting a new year-end target for the S&P 500 at a record 6,000. Boeing faces safety concerns and financial setbacks. Megacap stocks powered the S&P 500 to a record high. Microsoft delayed the release of Recall due to privacy concerns. Tempus AI rose 15% in its Nasdaq debut. Elon Musk predicts Tesla could be worth $25 trillion. Consumer sentiment dropped in June, but hopes for cooling inflation boosted the S&P 500 and Nasdaq. JPMorgan is bullish on a cybersecurity stock.