Market Open: Dow Adds to Record; Oil Rises on Hormuz Strikes • 7/7/26

Summary

CNBC's market open update covers a mixed start for stocks with the Dow hitting a record above 53,000, chip stocks pulling back, and oil prices rising on reports of Iranian attacks in the Strait of Hormuz. John Kilduff of Again Capital notes oil is recovering from lows despite persistent geopolitical tensions. Other stories include Rivian's share sale, Amazon's bond issuance for AI, Toyota's plant move from Mexico to Texas, and Chris Christie's call for regulation of prediction markets.

• Dow opens at a fresh record above 53,000, building on gains led by Johnson & Johnson and Salesforce.
• Chip stocks pull back from prior rally; Nasdaq down sharply, S&P 500 also lower.
• US crude oil rises on reports of Iranian attacks on commercial ships in the Strait of Hormuz.
• John Kilduff sees oil prices recovering from recent lows despite ongoing Iranian mischief.
• Rivian shares struggle as company sells 75 million shares to raise capital.
• Amazon issues bonds to help fund its AI buildout.
• Toyota announces $3.6 billion investment to move Tacoma production from Mexico to Texas, with Trump touting tariffs.
• Chris Christie, now with the American Gaming Association, calls for regulation of prediction markets like Kalshi and Polymarket.