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Happy Monday. I spent the weekend night racing in Vermont. Even if you stayed home, you probably still felt the inflation.
Stock futures are lower this morning. S&P 500 Index Victory week begins.
Here are five key things investors need to know to start their trading day:
1. Air Force
Donald Trump, US President, speaks during a press conference at the NATO summit at the Presidential Complex in Ankara, Türkiye, July 8, 2026. (Photo by Claudia Radetskaya/NurPhoto via Getty Images)
Nurphoto | Nurphoto | Getty Images
Stock futures are falling this morning after the US and Iran exchanged air strikes over the weekend. Last night, US Central Command said US forces had struck dozens of targets “to weaken Iran’s ability to continue to attack international shipping passing through the Strait of Hormuz.”
Here’s what you need to know:
- As CNBC’s Spencer Kimball writes, disagreements over control of the critical shipping lane are partly a result of the absence of defined shipping routes in the U.S.-Iran deal signed last month.
- Iran’s Revolutionary Guard said Saturday it had closed the strait “until further notice,” although the U.S. military denied that claim. In an interview with NBC News aired yesterday, President Donald Trump said the strait is open.
- Oil prices rose sharply this week after renewed fighting over control of the Strait of Hormuz.
- S&P 500 Index and Nasdaq Composite both are coming off their fourth winning week in the last five, but Dow Jones Industrial Average recorded the longest weekly positive streak since 2024.
- Follow market updates here.
2. Graham dies at 71.
U.S. Senator Lindsey Graham (R-South Carolina) speaks at a press conference at the U.S. Capitol on April 27, 2026 in Washington, DC.
Heather Deal | Getty Images
Sen. Lindsey Graham, R-South Carolina, died Saturday after a “brief and sudden illness,” according to his office. The longtime Republican lawmaker and staunch Trump ally was 71 years old.
A preliminary report showed his death was the result of aortic dissection due to atherosclerotic cardiovascular disease, his office said in a statement. Graham’s death was unexpected. He has just returned from a trip to Ukraine.
As CNBC’s Garrett Downs writes, the death of Graham, who was known to be a proponent of opposing policies, could now spell trouble for several Republican priorities in Congress. Rep. Nancy Mace and South Carolina Gov. Henry McMaster are among the names floated to fill Graham’s seat.
3. Stirring up controversy
Sam Altman, CEO of OpenAI, speaks during an interview at Allen & Co.’s annual conference. Media and Technology in Sun Valley, Idaho on July 9, 2026.
David A. Grogan | CNBC
Apple On Friday, it sued OpenAI, alleging that the artificial intelligence startup stole trade secrets as part of its efforts to develop its own hardware products. The iPhone maker said in a court document that OpenAI “stole” information “at every level.”
As CNBC’s Keefe Leswing and Mackenzie Sigalos note, the lawsuit is a shocking turn of events considering the two firms signed a partnership in 2024. However, companies have proven less cordial since OpenAI announced plans to enter the hardware industry last year.
As a result of the lawsuit Tesla CEO Elon Musk has renewed his public feud with OpenAI CEO Sam Altman, calling him “Cheater Altman” in an X-post. In response, Altman cited his company’s release of the latest artificial intelligence model as the reason Musk is “obsessed with me again.”
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4. Labor market jungle
Amazon Ireland corporate offices in Dublin, Ireland on October 28, 2025.
Damien Eagers | Reuters
Over the past year, Amazon conducted the largest wave of layoffs in the company’s history. As CNBC’s Annie Palmer reports, some of the affected workers had a hard time getting back on their feet.
Furloughed Amazon employees have entered an increasingly tight tech job market. Industrial layoffs in May reached their highest level since 2024, according to Challenger, Gray & Christmas. The consulting firm said in a report last week that for the fourth month in a row, AI was the top reason companies are cutting costs.
“I always had this thought: ‘I have Amazon on my resume, that’s a prestigious thing,’” said Dorian Smith, who was laid off from Amazon in January. “But when this layoff happened, I thought, ‘OK, big deal, like 30,000 other people.’
5. No signature required.
A for sale sign is posted in front of a condominium for sale on July 9, 2026 in Los Angeles, California.
Justin Sullivan | Getty Images
A bipartisan housing bill aimed at increasing housing supply and affordability became law Saturday, despite not receiving Trump’s signature.
On Friday, the president announced he would not sign the legislation, citing the Senate’s failure to pass the American Rescue Act. But Trump also did not veto the housing bill, which automatically became law on Saturday morning.
The Road to 21st Century Housing Act aims to encourage homebuilding, open finance, and homebuying by large investors. However, experts told CNBC that home buyers shouldn’t expect prices to drop immediately. Here’s what you need to know about the law.
Daily dividend
Here’s what we’re watching this week:
— CNBC’s Fred Imbert, Sean Conlon, Azhar Sukri, Garrett Downs, Justin Papp, Emily Wilkins, Keefe Leswing, Mackenzie Sigalos, Jordan Novet, Annie Palmer, Sarah Agostino and Mike Winters contributed to this report.
Luc Fontaine contributed to this newsletter. Josephine Rozzel edited this publication.
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