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Traders work on the floor of the New York Stock Exchange during afternoon trading on June 10, 2026 in New York City. Michael M. Santiago | Getty Images

Hello, this is Anniek Bao writing to you from Singapore. Welcome to another edition of CNBC's Daily Open. It's not often a president cheers a three-year high in the inflation rate, but this is where we are. U.S. consumer prices rose at an annual rate of 4.2% in May, to which Trump responded: "I love the inflation," while predicting that prices will fall "like a rock" once the war with Iran ends. That war, however, has entered a second day of renewed hostilities, with Washington and Tehran now fighting over the narrative on shipping traffic through the Strait of Hormuz as they trade strikes. The chain of consequences becomes clear: Hormuz is driving oil, oil is driving inflation, and inflation is now the first real test for new Fed Chair Kevin Warsh. But that might just be music to Warsh's ears. Markets find themselves under a stress test, weighing a war that's "very complete" against strikes that keep coming. Against that backdrop, SpaceX's rocket of an IPO is soon to launch into the middle of it.

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