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CNBC Daily Open: Projections are not promises

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 .

Tentative Tuesday
U.S. stocks extended their feeble start to the second quarter as the 10-year Treasury yield spiked to its highest since Nov. 28. Robust economic data and comments from Federal Reserve officials further tempered expectations for a rate cut in June. Oil prices also surged to highs last seen five months ago. The Dow Jones Industrial Average ended Tuesday down 1% at 39,170.24, while the S&P 500 finished down 0.7% at 5,205.81. This was their respective worst day since March 5. The Nasdaq Composite shed 0.95% to finish at 16,240.45.

Chip woes
Intel shares fell 4% in extended trading after the company reported that full-year operating losses for its semiconductor manufacturing business widened to $7 billion from the $5.2 billion loss reported in 2022. This is the first time that Intel has disclosed revenue totals for its foundry business alone. Intel has historically designed and manufactured its own chips, and only reported final chip sales to investors. Intel has been pitching investors a plan where it would also start an external business to make chips for other companies.

Competition bites
General Motors reported a 1.5% decline in first-quarter U.S. vehicle sales compared to a year ago, underperforming its rivals. The Detroit automaker said the drop was largely due to a 22.9% year-over-year decline in sales to fleet customers even as retail sales to customers climbed 6%. Meanwhile, Tesla shares fell after the company reported its first year-over-year decline in vehicle deliveries