Trump Eyes Ukraine-Russia War Deal Amid Iran Deal Progress

Hello, this is Hui Jie writing to you from Singapore. Welcome to another edition of CNBC's Daily Open.

The Iran deal seems on track to take effect on Friday, with no reversals from either side as of yet.

But even before the agreement comes to fruition, Trump is setting his sights on an older conflict: the Ukraine-Russia war. The U.S. President said he will do "whatever I can," and that Russia should "make a deal" to end the conflict.

But even Trump's renewed interest may not solve things quickly in this multi-year conflict.

Read on!

The memorandum of understanding for the Iran conflict seems to be holding, with the signing in Geneva inching closer without a sudden reversal by any party so far.

However, back home, U.S. President Donald Trump is facing complaints about the deal from Congress, where some members are saying he shouldn't merely send the text of the MOU but should also get signoff from them.

And even before it's sealed, Trump is once again setting his sights on another possible foreign policy win: ending the multi-year Ukraine-Russia war.

At the G7 meeting in France, Trump pledged further support to Kyiv and urged Moscow to "make a deal" to end the conflict.

Nonetheless, investors are already optimistic on oil supplies, with Brent crude futures falling 5% to close at $78.96 per barrel, the first time the international benchmark has fallen below $80 since March.

U.S. West Texas Intermediate futures lost 5.8% to settle at $76.05.

People familiar with the matter told The Wall Street Journal that oil sanctions relief for Iran will take effect immediately after the agreement is signed.

On the equities front, the Dow Jones Industrial Average reflected this optimism, rising to a record high of 51,999.67 as investors rotated out of chipmakers and into cyclical stocks.

The tech pullback saw the S&P 500 and Nasdaq Composite fall, with Advanced Micro Devices dropping more than 7%, Micron Technology down 6% and Nvidia losing more than 2%.

A notable outlier was SpaceX, which continued its stratospheric run to become the U.S. fifth most valuable company.

SpaceX's market cap touched $2.94 trillion in mid-morning trading, surpassing Microsoft's valuation of $2.93 trillion, before finishing the day at $2.65 trillion.

Not everyone is star-struck by the stock, though: Michael Burry of "The Big Short" fame said Tuesday he has no position in SpaceX, and questioned the scale of the company's valuation.

He described SpaceX as "fundamentally a small space company, a niche telecom, a bedeviled social media company, and a Coreweave-light" generating less than $20 billion in annual revenue.

— Lim Hui Jie