CNBC Daily Open: Tech stocks had a rough day, but that's okay

The Dow Jones Industrial Average rose while other major indexes fell, reversing the tech frenzy that has gripped markets since May.

CNBC Daily Open: Tech stocks had a rough day, but that's okay

This report comes from CNBC Daily Open today, our new international markets newsletter. CNBC Daily Open keeps investors informed about everything they need to be aware of, wherever they may be. You like what you see? Subscribe here.

What you should know today

The Dow Jones Industrial Average was the only major index that posted a positive result on Thursday. Asia-Pacific markets declined on Friday. Japan's Nikkei lost about 0.3% as the country's core rate of inflation rose to 3.3% over the past year, 10 basis points higher than its reading in May. Separately TSMC shares fell about 3% following its first quarterly loss in four years.

Expect to pay more if you choose rice, noodles or bread as your carbohydrate. India banned the exportation of non-basmati rice on Thursday in an effort to control high food prices in India. The shortage of rice has already pushed global prices to a record level. This week, wheat prices also rose after Russia withdrawn from the Black Sea Grain Initiative.

Elon Musk has a number of roles. He is the CEO of Tesla and SpaceX, CTO of Twitter, founder of Neuralink and The Boring Company and xAI. Some analysts and investors are concerned that Musk could become distracted, or his companies may end up in competition with one another.

Hackers with a China connection have accessed the email account for U.S. Ambassador Nicholas Burns. NBC News confirmed that Ambassador Nicholas Burns was the hacker. Hackers also gained access to the email accounts of Daniel Kritenbrink (assistant secretary of state for East Asia) and Gina Raimondo (secretary of commerce). The attacks are part of a recent targeted intelligence-gathering campaign, two U.S. officials confirmed.

Global stock markets do not attract as much attention than U.S. market -- there are therefore often bargains to find. Morgan Stanley selects global stocks that it believes will outperform the market. These stocks are also priced lower than what the bank believes they should be.

Bottom line

Since the Nvidia frenzy began in late May, technology stocks are pushing the Nasdaq Composite up, while the Dow Jones Industrial Average has stagnated.

Yesterday, this trend reversed.

The Dow gained 0.47%. This is its ninth consecutive day of gains, and longest winning streak since 2017. Johnson & Johnson boosted the blue-chip index by 6%, after the company reported better-than expected second-quarter results. It also raised its outlook for this year. Goldman Sachs is another Dow component that rose 3%.

The Nasdaq, on the other hand, fell by 2.05%. This was its worst day since last March and it is now set for a week of negative returns. Netflix and Tesla shares fell, dragging down the tech-heavy index. Netflix's shares fell 8.4% as it reported revenue that disappointed analysts. Tesla's shares dropped 9.7% after the company failed to provide clarity on its production and delivery plans for the coming year during their earnings call. Amazon and Nvidia also fell more than 3% in sympathy.

The S&P 500 fell 0.68% as well.

This could be temporary due to earnings reports. Investor excitement about artificial intelligence is not waning. Microsoft's stock, for example, hit a new record Tuesday after it announced subscription plans.

The Dow is up 6.3% for the year, while the Nasdaq is up 34.4%. The momentum of tech stocks would take more than just one bad day.