The US continued strikes against Iran for a 10th straight night yesterday as President Donald Trump promised retaliation for deaths of US service members. Iran's Islamic Revolutionary Guard Corps claimed this morning it struck Amazon's infrastructure in Bahrain with missiles, though CNBC could not independently verify the claim, while Houthi allies announced a maritime embargo against Saudi Arabia on Monday. The conflict prompted oil price increases despite modest stock market declines, with mediators reportedly pushing for a 10-day ceasefire.
US Strikes Iran for 10th Consecutive Night
The US attacked Iran for a 10th straight night yesterday after President Donald Trump promised retaliation for the deaths of US service members killed in the conflict. Iran's Islamic Revolutionary Guard Corps said this morning that it struck Amazon's infrastructure in Bahrain with missiles, though CNBC could not independently verify the claim.
On Monday, Iran's Houthi allies announced a maritime embargo against Saudi Arabia. Oil prices rose this morning, adding to Monday's gains, while the S&P 500 saw only a modest decline in yesterday's session. Mediators are reportedly pushing for the US and Iran to agree to a 10-day ceasefire.
Trump administration officials announced yesterday that the US will impose new 50% tariffs on certain Canadian goods in response to alleged trade discrimination.
General Motors Beats Q2 Earnings and Raises Full-Year Forecast
General Motors reported $3.57 in adjusted earnings per share on $48.03 billion in revenue for the second quarter, both exceeding Wall Street estimates. The automaker raised its full-year forecast, citing strong North American sales.
GM CFO Paul Jacobson said in an interview with CNBC's "Squawk Box" that the company's earnings per share for the first half was 25% higher than any other first half in its history. The automaker hiked its forecast for full-year adjusted earnings before interest and taxes and for adjusted automotive free cash flow, but lowered its forecast for net income attributable to stockholders for the second straight quarter.
AI Standards Chief Chris Fall Resigns After Three Months
CNBC confirmed yesterday that Chris Fall, the head of the Center for AI Standards and Innovation, resigned just three months after taking the role. Arvind Raman, the director of National Institute of Standards and Technology, will step in as acting director of the center, according to a Commerce Department spokesperson.
Alphabet shares rose yesterday following a report that the Google parent is developing a new server chip referred to internally as "Frozen v2." Alphabet's earnings are scheduled for after the bell tomorrow.
California Judge Halts Paramount-Warner Bros. Discovery Merger for 14 Days
On Monday, a California judge approved a temporary restraining order on the Paramount-Warner Bros. Discovery merger following a lawsuit from a group of state attorneys general. The order pauses the $110 billion acquisition deal for 14 days.
A Paramount spokesperson said the company is "confident the evidence will demonstrate that the State AGs' antitrust arguments are without merit." Warner Bros. declined to comment.
FDA Maintains Cyclosporiasis Outbreak Linked to Taylor Farms Lettuce
The Food and Drug Administration stood by its main conclusions about the origin of the cyclosporiasis outbreak yesterday after its announcement of a false positive test led to confusion. The agency said late Sunday that its test of Taylor Farms de Mexico's iceberg lettuce was a false positive for the parasite, but it still believes the outbreak stemmed from shredded iceberg lettuce supplied by Taylor Farms.
Taylor Farms said it will stick with its voluntary recall of the implicated lettuce from central Mexico. Taco Bell is removing the suspected lettuce from its restaurants in affected states. The fast-food chain's traffic on Friday was 19% lower than its Friday average so far this year, according to Placer.ai data.
Archer Unveils Autonomous Military Vehicle
Archer shares soared almost 20% yesterday after the air taxi company unveiled its autonomous military vehicle with Anduril. CNBC's Phil LeBeau spoke to Archer CEO Adam Goldstein at the Farnborough Air Show.
FAQ
What happened between the US and Iran yesterday?
The US continued strikes against Iran for a 10th straight night yesterday after President Donald Trump promised retaliation for the deaths of US service members killed in the conflict. Iran's Islamic Revolutionary Guard Corps claimed this morning it struck Amazon's infrastructure in Bahrain with missiles, though CNBC could not independently verify the claim.
Why did General Motors raise its full-year forecast?
General Motors raised its full-year forecast citing strong North American sales. The automaker reported $3.57 in adjusted earnings per share on $48.03 billion in revenue for the second quarter, both exceeding Wall Street estimates. GM CFO Paul Jacobson said the company's earnings per share for the first half was 25% higher than any other first half in its history.
Why was the Paramount-Warner Bros. Discovery merger halted?
On Monday, a California judge approved a temporary restraining order on the Paramount-Warner Bros. Discovery merger following a lawsuit from a group of state attorneys general. The order pauses the $110 billion acquisition deal for 14 days.
