CNBC Daily Open: Dow gains as investors turn to banking and energy stocks; Nvidia sinks

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 .

Dow up, Nvidia sinks
The Dow Jones Industrial Average rose 260 points as investors rotated out of technology and into banking and energy stocks, such as Goldman Sachs and Chevron. Nvidia's shares dived, extending last week's decline, but are still up nearly 140% since the beginning of the year. The S&P 500 and the Nasdaq Composite both traded in negative territory. The yield on the 10-year Treasury was little changed as investors await Friday's key inflation data. U.S. oil prices rose 1% amid simmering Israel-Lebanon tensions. 

No pre-election cut
David Rubenstein, co-founder of The Carlyle Group, said Monday the Federal Reserve was unlikely to cut rates before the November election due to political considerations. "Generally the Fed wants to stay out of politics," Rubenstein told CNBC's Andrew Ross Sorkin on "Squawk Box." He expressed concerns about potential criticism from former President Donald Trump if rate cuts occur before the election. "I suspect the market is probably more right than wrong when it says the rate cuts are likely to come after the election," he said.

Bitcoin tumbles
Bitcoin's price on Monday dropped below $60,000, marking its lowest level in over a month. It has lost nearly 11% in the past week. The decline coincided with a second consecutive week of outflows from crypto investment products. James Butterfill, head of research at CoinShares, attributes the sell-off to concerns over the number of rate cuts. "We have now seen $1.2 billion of outflows from crypto ETFs over the