An Open Discussion on the Dow Jones Industrial Average

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Traders work on the floor of the New York Stock Exchange during afternoon trading on July 18, 2023 in New York City.

Michael M. Santiago | Getty Images News | 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.

What you need to know today

More mixed markets
U.S. stocks closed Friday mixed. The Nasdaq Composite was the only major index to fall. The pan-European Stoxx 600 rose 0.3%, with household goods adding 1.2% to lead gains — possibly aided by the news that U.K. retail sales in June rose 0.7% month over month, higher than the 0.2% estimate.

Bye China, buy Tesla
Cathie Wood’s Ark Innovation ETF has completely exited stocks that generate revenue from China, the famed tech investor revealed Thursday. That means shares like Tencent and KE Holdings are out — and the fund’s holdings of Wood’s favorite bets like Tesla, Coinbase and Roku are further consolidated. Wood might be on to something: ARKK is up more than 50% this year.

Booming U.S. economy?
Morgan Stanley has made a “sizeable upward revision” to its estimates for the U.S. economy. The bank expects GDP to grow 1.9% for the first half of this year, almost four times the original forecast of 0.5%. For the second half, the bank thinks GDP will grow 1.3%, compared with 0.6%. Joe Biden’s Infrastructure Investment and Jobs Act is “driving a boom in large-scale infrastructure,” wrote Ellen Zentner, chief U.S. economist for Morgan Stanley.

Demand for oil
Oil prices might spike in the second half of the year as supply fails to keep up with demand, Secretary General of the International Energy Forum Joseph McMonigle told CNBC. “India and China combined will make up 2 million barrels a day of demand pick-up in the second half of this year,” he said. However, McMonigle thinks OPEC+ will respond to a “big supply-imbalance.”

[PRO] Fully packed week
This week’s packed full of economic data releases and earnings reports, and will see the Federal Reserve meet to decide on the path of U.S. interest rates. CNBC Pro’s Sarah Min breaks down what analysts are expecting and how they are positioning their portfolios to deal with the heavy week.

The bottom line

Let’s talk about the Dow Jones Industrial Average and why it did better than the S&P 500 and the Nasdaq Composite

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