GoKawiilThis is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Wednesday. My home state of Michigan had a big election yesterday. While we wait for the race to be called, read why the word "communist" has been a popular one this primary cycle. Stock futures are rising this morning. The three major indexes are coming off a record session. Here are five key things investors need to know to start the trading day:
1. Launch status check
The SpaceX logo is displayed at a SpaceX facility on Aug. 4, 2026 in Hawthorne, California. Justin Sullivan | Getty Images
SpaceX reported soaring revenue in its debut quarterly earnings report, which beat analysts' second-quarter estimates on both lines. But Elon Musk's reusable rocket company also reported sky-high capital expenditures, unnerving investors who sent the stock down 11% in extended trading. Here's what to know: The company posted a loss of 9 cents for the quarter, much smaller than the 26 cents Wall Street was forecasting.
While revenue came in stronger than expected for SpaceX's three segments, its connectivity business was the company's only source of profit.
SpaceX's capital expenditures surged more than sixfold to $18.4 billion, with over 80% devoted to AI. Executives said the investments would pay for themselves within a year.
The stock closed Tuesday's session just above $125, below its $135 IPO price and far from its $200 all-time high. SpaceX's post-IPO slump has been a boon for short-sellers, who are gearing up for the first insider lock-up expiration tomorrow.
In other tech earnings: AMD better-than-expected quarterly results for the chipmaker.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 4, 2026. Jeenah Moon | Reuters
3. Magic numbers
... continue reading