CNBC Daily Open: Trump picks VP, Dow record close, bitcoin 'digital gold'

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 .

Record high
The Dow Jones Industrial Average closed at an all-time high after former President Donald Trump survived an assassination attempt. The S&P 500 hit an intraday high and Nasdaq Composite rose 0.4%. The prospect of Trump's reelection is seen as a positive for small caps, the Russell 2000 gained 1.8%, touching its highest level since 2022 and recording a fourth straight positive day. The yield on the 10-year Treasury edged up as investors analyzed comments from Federal Reserve Chair Jerome Powell. U.S. oil prices declined.

Trump's VP pick
Donald Trump has chosen Senator JD Vance of Ohio as his vice presidential running mate for the 2024 election. Trump announced his decision on Truth Social, praising Vance as the best-suited candidate after considering several others. The Biden campaign quickly criticized the choice, accusing Vance of enabling Trump's "extreme MAGA agenda" and claiming both would prioritize tax cuts for the wealthy while raising taxes on the middle class. They also suggested that billionaires and corporations favor Vance, anticipating policies that would benefit them at the expense of the average American. You can track live updates here as Trump officially becomes the Republican presidential nominee. 

Fed may not wait
Powell said the central bank will not wait until inflation reaches its 2% target to cut interest rates. Due to the delayed effects of monetary policy, "if you wait until inflation gets all the way down to 2%, you've probably waited too long, because the