CNBC Daily Open: Dow posts best week since May, Tesla cuts 14% of workforce

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's best week
As Nvidia, Microsoft and Apple vied for the crown of the world's most valuable company, the S&P 500 reached new heights, touching an intraday record of 5,505.53 on Thursday and closing last week with a 0.6% gain. The tech-centric Nasdaq Composite remained flat, while the Dow Jones Industrial Average had its best week since May, rising 1.45%. The yield on the 10-year Treasury ticked higher and U.S. oil prices rose 2.9% for the week. 

'Living wills'
U.S. banking regulators identified shortcomings in the "living wills" of four major banks — Citigroup, JPMorgan Chase, Goldman Sachs and Bank of America. These plans, outlining how the banks would be dismantled in a crisis, were deemed inadequate due to issues with unwinding their massive derivatives portfolios. Specifically, the banks struggled to demonstrate their ability to quickly test and adjust their unwinding strategies under different scenarios, raising concerns about their preparedness for potential financial distress.  

More job cuts
Tesla has cut more than 14% of its workforce in 2024, reducing its global headcount to just over 121,000 employees. This figure, based on an internal email list, surpasses the 10% reduction announced by CEO Elon Musk in April. Musk hinted at even larger cuts, citing a 25-30% inefficiency level in the company. In a recent email, Musk announced the reinstatement of performance-based stock options for exceptional employees, a move potentially aimed at boosting morale and motivating the remaining