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CNBC Daily Open: Far right gains in EU elections

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 .

Far-right advance
French President Emmanuel Macron said he will dissolve parliament and call for a new legislative vote after his Renaissance party suffered a major defeat at the EU elections. Exit polls show Marine Le Pen's far-right National Rally winning 31.5% of the vote, compared to 14.5% for Macron's party. Victory for Le Pen in new elections would mean Macron has no control over domestic policy for the remainder of his presidency, which ends in 2027. The first round of the parliamentary election is set for June 30, with the second round on July 7. Populist, far-right parties also won record support in this year's European Parliament elections, exit polls indicated late on Sunday. CNBC's Karen Gilchrist has more on what the right-wing surge could mean for Europe and beyond. 

Winning week
All three major Wall Street averages posted weekly gains, led by the Nasdaq Composite, which rose 2.38%, followed by the S&P 500's 1.32% increase, and the Dow Jones Industrial Average's 0.29% rise. On Friday, the S&P 500 ended flat after reaching a record intraday high. The Dow fell 87 points and the Nasdaq dipped 0.23%. Stocks rebounded from early session pressure following a stronger-than-expected jobs report, pushing the 10-year Treasury yield over 15 basis points higher. Oil prices posted a third weekly loss as OPEC+ plans to increase supplies.  

No way, Musk
Norway's $1.7 trillion sovereign wealth fund, Tesla's eighth-largest shareholder, will vote against Elon Musk's $56 billion pay package. The fund