GoKawiilThis is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Wednesday. Three candidates backed by New York City Mayor Zohran Mamdani won their primary elections last night, while a candidate who sparked a spending war between two artificial intelligence super PACs came up short. Stock futures are higher before the bell. All three major averages closed lower yesterday. Here are five key things investors need to know to start the trading day:
1. Not so chipper
The Micron Technology logo is displayed on a smartphone screen placed on a reflective surface onto which a stock market chart is projected, in Creteil, France, on May 27, 2026. Samuel Boivin | Nurphoto | Getty Images
US President Donald Trump speaks during a visit to the Mack Trucks manufacturing facility in Macungie, Pennsylvania, on June 23, 2026. Mandel Ngan | AFP | Getty Images
President Donald Trump said this morning that Iran told the U.S. that there will not be tolls on the Strait of Hormuz, as well as no insurance costs or "other charges of any kind" on ships crossing the sea lane. "If this is false information, negotiations would end, immediately," the president said in a Truth Social post. Meanwhile, Treasury Secretary Scott Bessent told CNBC's "Squawk Box" that his department will oversee frozen Iranian funds set to be released under the U.S.' agreement with Tehran. Some congressional Republicans have pushed back on the deal — which includes plans to unfreeze funds and lift sanctions — over concerns that its concessions to Iran are too great. All this comes after the Senate narrowly adopted an Iran war powers resolution yesterday, which calls for an end to U.S. hostilities. The resolution won't be sent to Trump's desk or become law, making the rare bipartisan rebuke of Trump purely symbolic.
3. Fed heads
US Federal Reserve chairman Kevin Warsh speaks during a press conference in Washington, DC, on June 17, 2026. Brendan Smialowski | Afp | Getty Images
Looking for insight into how Federal Reserve Chairman Kevin Warsh intends to reshape the central bank? The search for the next Atlanta Fed President could offer some clues. Candidates for the position, which will get an FOMC vote next year, were previously considered under former Chair Jerome Powell. But as CNBC's Matt Peterson and Steve Liesman report, that process was paused, in part so Warsh could oversee the selection, according to two people familiar with the matter. Those people told CNBC that former Trump official Michael Faulkender was subsequently considered for the Atlanta post. It's unclear whether Faulkender — who served as deputy Treasury secretary last year before briefly becoming acting commissioner of the IRS — is still in the running.
Get Morning Squawk directly in your inbox CNBC's Morning Squawk recaps the biggest stories investors should know before the stock market opens, every weekday morning. Subscribe here to get access today.
4. New kids on the block
... continue reading