CNBC Daily Open: Chips are down — but not for the Dow

• Brent crude fell 2.8% to $95.03 and WTI dropped 3.1% to $93.04 after Trump said he'd be 'honored' to meet Iran's new Supreme Leader, though Hezbollah rejected ceasefire terms
• Broadcom tumbled after missing revenue expectations, dragging down tech stocks, while Nvidia CEO Jensen Huang will testify before the Senate Banking Committee on June 11 regarding China sales
• Bitcoin fell to its lowest level in months near $63,719, erasing all gains since the war began, while Blackstone suspended redemptions from its flagship Private Credit fund following increased withdrawal requests

Market Summary: Divergent Performance as Ceasefire Hopes Lift Dow

Market Performance:

The Dow reached an all-time high while the S&P 500 posted modest gains on renewed ceasefire optimism. However, the Nasdaq declined due to weakness in semiconductor stocks. Oil prices retreated significantly, with Brent crude falling 2.8% to $95.03/barrel and WTI dropping 3.1% to $93.04/barrel.

Key Developments:

*Geopolitical:* President Trump indicated willingness to meet Iran's Supreme Leader, fueling ceasefire speculation despite Iran-backed Hezbollah rejecting U.S.-backed ceasefire terms as "absurd and humiliating," demanding full Israeli withdrawal first.

*Technology Sector:* Broadcom shares tumbled after missing revenue expectations, triggering contagion across tech stocks in Asia. Nvidia CEO Jensen Huang faces Senate Banking Committee testimony on June 11 regarding China sales and export controls.

*Cryptocurrency:* Bitcoin fell to its lowest level since the Iran conflict began, trading near $63,719, erasing all war-related gains. The decline reflects ETF outflows and asset rotation, compounded by Michael Saylor's company revealing its first bitcoin sale since 2022.

*Private Credit Concerns:* Blackstone suspended redemptions from its flagship Private Credit fund amid elevated withdrawal requests. Switzerland's Partners Group implemented similar restrictions and warned of potential broader fund limitations as pressure spreads from credit to private equity.

*IPO Watch:* SpaceX plans a record-breaking $75 billion raise at $1.75 trillion valuation—the largest IPO ever. Major banks are hosting client events, though S&P Global indicated the company may not gain swift benchmark index inclusion.

*World Cup Impact:* Analysts identify tourism-related sectors—restaurants, lodging, airlines, and retail—as beneficiaries of the 2026 FIFA World Cup in North America.