CNBC Daily Open: Inflation's stubborn staying power

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 .

Markets tumble
Wall Street ended in the red after the latest consumer price index released Tuesday, showed U.S. inflation rose more than expected in January. The massive sell-off saw the Dow plunge 1.35% for its worst day since March 2023. The S&P 500 lost 1.37% and the Nasdaq Composite fell 1.8%. The Russell 2000 also plunged nearly 4% for its worst session since June 2022. 

Nvidia surpasses Amazon
Nvidia overtook Amazon in market capitalization on Tuesday. This reflects growing demand for semiconductors that power artificial intelligence as well as appetite for the companies that produce the chips. Nvidia closed at $721.28 per share, with a market value of $1.78 trillion to Amazon's $1.75 trillion market cap. 

Paramount axes staff
Paramount Global is slashing about 800 employees, or roughly 3% of its workforce, according to a person familiar with the matter. Chief Executive Officer Bob Bakish, in an internal memo to employees, said the cuts will help the company to "execute our strategic vision for the year ahead."

Bitcoin retreats
Cryptocurrencies fell on Tuesday tracking the broader market sell-off. Bitcoin was last down by 0.8% at $49,658.57 according to Coin Metrics. "Bitcoin is an aspirational store of value ... and therefore its price is in part influenced by monetary policy," said Jurrien Timmer, Fidelity Investments' director of global macro.

[PRO] Japan's bull case 
Japan is fast emerging on investors' radar, and this has been reflected in the stock market's recent bull run. Morgan Stanley