CNBC Daily Open: Markets rally on hopes of Iran-U.S. Strait of Hormuz deal

U.S. Treasury Secretary Scott Bessent during the 2026 Reagan National Economic Forum at the Ronald Reagan Presidential Library in Simi Valley, California, May 29, 2026.Caroline Brehman | Bloomberg | Getty ImagesHello, this is Justina Lee writing to you from Singapore, filling in for Leonie.Optimism that Washington and Tehran could reach a deal to open the critical Strait of Hormuz has sent markets cheering, after U.S. Treasury Secretary Scott Bessent told CNBC that a deal to open the waterway could be reached by Wednesday. In Asia, tech stocks rallied following Wall Street's record-setting session. General Motors and China's SAIC Motor extended their joint venture by 20 years, while India's retail inflation rose to an 18-month high in June.Meanwhile in Europe, attention turned to Novo Nordisk after the weight loss drug maker's raised guidance failed to impress investors.What you need to know todayTraders are keeping a close watch on developments surrounding the Strait of Hormuz, after U.S. Treasury Secretary Scott Bessent told CNBC that Iran and the U.S. could reach a deal to open the Strait of Hormuz by Wednesday.When asked whether Iran would be allowed to charge a toll, Bessent s...