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CNBC Daily Open: Amazon enters $2 trillion club

This report is from today's CNBC Daily Open, our 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 .

Clinging on 
The S&P 500 and the Dow Jones Industrial Average just about finished the session in positive territory. The Nasdaq Composite, on course for an 18.6% gain in the first six months of the year, rose 0.49%. After trading mostly in negative territory, Nvidia made a small gain following the previous session's 7% surge. The yield on the 10-year Treasury rose as investors parse comments from Fed officials and await key inflation data due Friday. U.S. oil prices rose amid escalating tensions in the Middle East. 

Amazon's market capitalization surpassed $2 trillion for the first time on Wednesday, joining the ranks of tech giants like Apple and Microsoft. The surge in megacap tech stocks has been driven by investor excitement around generative AI. Amazon's stock has risen 26% this year, outpacing the Nasdaq's 18% increase. The stock rose 3.9% on Wednesday. Separately, CNBC's Annie Palmer reports Amazon plans to launch a discount store in bid to fend off Temu and Shein. 

Southwest cuts guidance
Southwest Airlines cut its second-quarter revenue forecast due to difficulties adapting its revenue management to recent booking trends. Despite the revised outlook, the airline still expects record quarterly operating revenue. Activist investor Elliott Management reiterated calls for leadership changes, "Southwest is led by a team that has proven unable to adapt to the modern airline industry." Higher costs and increased capacity have impacted fares and profits across the industry,