economy
Tech sell-off, Iranian oil sales, Target's crisis of confidence and more in Morning Squawk
Here are five key things investors need to know to start the trading day.
TL;DR
- SpaceX shares fell 16% after a computing power deal and bond sale, continuing a consolidation phase.
- Alphabet experienced its worst day in over a year due to the departure of two AI leaders.
- Micron, after reaching a new all-time high, saw shares drop more than 7%, leading a tech stock sell-off.
- U.S. Treasury Secretary Scott Bessent announced authorization for Iranian oil production and sales for 60 days, citing 'productive talks.'
- President Trump suggested profits from Iranian oil sales would be used for U.S. agricultural products, a claim questioned by an Iranian central banker.
- Target's executive chairman Brian Cornell received the lowest investor support ever for his re-election to the board.
- Lucid is cutting 18% of its U.S. workforce and eliminating the operations chief role to reduce costs.
- UPS is investing $48 million in 27 temperature-controlled facilities to meet demand for specialized medicines like GLP-1s.