CNBC Daily Open: Wall Street soars; Starbucks ousts CEO

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 .

Wall Street soars
Wall Street rose after producer prices came in softer than expected, raising hopes of a rate cut. The Dow Jones Industrial Average jumped more than 400 points, while the Nasdaq Composite jumped 2.4%, with tech megacaps — Nvidia, Microsoft and Apple — all closing higher. The S&P 500 rose 1.7% and is now just less than 5% off its July record high.  Meanwhile, the yield on the 10-year Treasury slipped, while U.S. oil prices fell 2% on concerns over softening demand in China. 

Starbucks ousts CEO
Starbucks surprised investors by replacing CEO Laxman Narasimhan with Chipotle CEO Brian Niccol, driving Starbucks' stock up more than 24% while Chipotle fell as much as 10%. Narasimhan's departure is effective immediately, with Niccol taking over on Sept. 9. Under Narasimhan's tenure, Starbucks' performance has struggled, marked by weak sales in the U.S. and China, its two largest markets. Starbucks has been under mounting pressure from activist investors. You can read more on why Wall Street believes Niccol is the person to revive Starbucks

Economic uncertainty
Home Depot exceeded quarterly expectations but lowered its full-year sales outlook, citing weak demand due to high interest rates and consumer uncertainty. The home improvement retailer forecast comparable sales decline of 3% to 4%, while total sales are projected to increase between 2.5% and 3.5%, primarily driven by its acquisition of SRS Distribution. CFO Richard McPhail noted a shift in consumer behavior, with customers delaying