CNBC Daily Open: Fake breakout?

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 .

Labor boost
Wall Street rallied after the latest jobless data renewed investors' faith in the U.S. economy. The S&P 500 posted its best day since November 2022, climbing 2.3%, while the Nasdaq Composite jumped 2.87%. The Dow Jones Industrial Average soared 683 points. Technology stocks, beaten on Monday, rebounded. Chipmakers Nvidia and Broadcom both jumped more than 6%. The 10-year Treasury yield hit 4% a level last seen before Friday's disappointing jobs data sent markets reeling. U.S. oil prices rose 1%.

Delta IT hit
Delta Air Lines revealed that last month's CrowdStrike outage and subsequent flight cancellations resulted in a $550 million financial blow. This includes a $380 million revenue hit due to refunds and compensation, and $170 million in operational recovery costs. The airline plans to seek damages from CrowdStrike and Microsoft while acknowledging a $50 million reduction in fuel expenses due to the cancellation of some 7,000 flights.

Job losses
Paramount Global plans to cut 15% of its U.S. workforce as it prepares for a merger with Skydance Media. Paramount has identified $500 million in cost savings, including layoffs, as part of its merger. It also said earnings surged as the company's streaming division swung to an unexpected profit — the first time Paramount has announced a profitable quarter for its direct-to-consumer business. Paramount also took a $6 billion impairment charge for its cable networks, similar to Warner Bros. Discovery's write-down. Its shares rose 5% in