SpaceX to Soar, The Global Race Around Quantum 6/15/26

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 Good Monday morning and what a weekend it was. We've got some breaking news to kick off
 your morning.
 With stock futures and global markets surging as the US and Iran agree on a piece deal
 to end fighting in the region and re-open the Strait of Hormuz, you can see futures
 on your screen all firmly in the green with the S&P of 90 points right now pre-market
 and the Dow poised to open up more than 460 points, the Nasdaq, the big mover, as tech
 re-catches a bid here in this, amid this risk on rally, up 626 points pre-market if things
 open at these levels, that of course after gains on Friday last week with the S&P
 eking out a gain for the week as well.
 On social media, President Trump says the US plans to make it official with a deal
 signing in Geneva, that's going to happen on Friday, oil sinking on the news too, hitting
 its lowest level since March, we can bring that screen up right there, yep you can see
 right there on your screen WTI down about 5.5% right now trading around 80 bucks a barrel
 and Brent's also down at 5% right now trading just under 83 dollars a barrel, our above
 gasoline lower, heating oil futures lower as well, also lower the dollar index as we see
 the dollar software against other currencies amid all of this, 99.56 is the level for the
 dollar index, also take a look at cryptocurrencies because those are also catching a bid here amid
 this risk on rally, Bitcoin about 3% right now, 65,624 other cryptocurrencies also higher,
 gold higher, silver higher, copper higher, treasuries higher as well with yields lower across
 the curve, you can see that right there on your screen too, US 10 year treasurer yielding
 a 4.43% right now, just a very dramatic move here, US 2 year treasury, the Fed sensitive
 2 year, 4.037% and keep in mind we have an FOMC decision this week too, check on shares
 of SpaceX as well on the back of that blockbuster record breaking IPO on Friday, wow, $166.85 a share
 pre market, spike in about 23.5% right now, remember that those shares price that
 take it or leave at level of 135 coming into trading on Friday, we're going to have more
 on SpaceX throughout the hour, including webbushes at Dan Ives and his latest take, but let's
 first get to Dan Murphy and Abu Dhabi with the latest on that US Iran deal, Dan.
 Hey, they're Morgan, good morning, well we've gone from war premium to peace dividend for
 the global markets, that's the story in the oil market at least this morning as the US
 and Iran move towards a formal agreement to end nearly four months of conflict.
 All of this coming about after Pakistan's Prime Minister Shabab Sharif, who of course helped
 to mediate these talks, announced this breakthrough on Sunday, President Trump then confirming
 it on truth saying a formal signing is now scheduled for Friday and Switzerland.
 For markets, of course, the big story right now is the straight of hormones.
 The waterway has been effectively closed since late February, disrupting energy flows and
 helping driver significant geopolitical risk premium into oil prices, traders now moving
 quickly to price that risk back out.
 It helps to explain why oil prices have been moving south.
 Interestingly across the Gulf as well, the initial response has been largely positive here,
 including from Saudi Arabia, from Qatar and Kuwait.
 The UAE's Dr. Anwar Ghar Gash, a top political adviser here, saying he hopes this agreement
 marks a turning point away from conflicts.
 Turkey's President, Recep Tayyip Erdogan, also saying he hopes this deal can help to
 deliver a more durable peace, and even the European leaders have welcomed the news as well,
 saying sanctions relief could be on the way if Iran keeps its end of the bargain.
 As for Israel, though, it's kind of a different story.
 The Defence Minister Israel Kat said today that Israeli forces will remain in Lebanon.
 It's a position that could put Israel on a collision course with parts of this agreement
 after we saw fresh strikes there on Sunday that threatened to end the agreement before
 it even began.
 All of this, not due to be signed until Friday, a lot can happen between now and then.
 We don't know exactly what's inside this MOU.
 We don't even know who might show up in Switzerland to sign it, but markets seem to be cheering
 this at least for now.
 Morgan?
 Yeah, that's exactly where it's going to go with you, Dan.
 And that was what who is expected to be here for this signing on Friday, and perhaps
 just as importantly, should we be looking at Israel as a wild card in the midst of all
 this because five days is a lot of time for a lot of things to happen.
 You got it.
 And these are the two most critical points, Morgan.
 We still don't know exactly how Israel genuinely feels about this agreement.
 The Prime Minister Benjamin Netanyahu suggesting he and Trump are aligned on the principle
 here, which is that Iran can never have a nuclear weapon, but you've heard some of the pushback
 that I've outlined inside Israel to the agreement in principle, as it stands.
 And then, of course, who shows up well, that remains to be seen at this point.
 President Trump doesn't have a diplomatic equivalent in Iran, so whether the president
 actually attends, I think, also remains to be seen, the White House flooding the idea
 that we could see Vice President JD Vance on the ground, as well as top negotiators like
 Steve Whitkov, for example, maybe even Jared Kushner, but, of course, putting pen to paper
 will be the hard part, and, of course, who is going to be in the room will also be
 very closely watched.
 All right.
 And we know you'll be bringing us the latest, Dan Murphy.
 Thank you.
 Well, let's talk more about what comes next for energy prices, and how soon that ship
 traffic through the Strait of Hormuz can return to normal levels, joining me now is John
 Kildof, founding partner at, again, Capitol, also a CNBC contributor on the phone.
 John, it's great to have you.
 And I'm going to start right there.
 Assuming all goes according to plan, and we have signatures on a piece of paper come Friday
 and a Strait of Hormuz that's opening without any kind of fees or tolls associated with
 it.
 Immediately, how quickly can we see some of this traffic get going?
 Well, certainly very quickly.
 The question is Morgan, and good to see you, is how quickly can all the countries ramp
 up their production sort of fully into the market?
 I'll tell you right now that we've given back, but basically most of the war premium, and
 we surged above 110 there back in March.
 Now we're heading down.
 80 looks to be a little bit of support, but we took off from the mid-60s right before
 the war started, and when there was concerns about significant glutt going on.
 What's going to be interesting is that, say, takes Saudi Arabia, for example, and their
 operational work around the Yanbu pipeline that several million barrels of exports
 and data go out to the Red Sea, will they maintain that while they ramp up their traditional
 exports through the Persian Gulf and the Strait of Hormuz?
 If they do that, that's a big shot in the arm for supply.
 We know Kuwait, Iraq, have all been sort of trying to ramp back up here as well ahead
 of this piece deal.
 We could easily get back to those that mid-60s range here rather quickly if all goes well.
 I mean, as you pointed out, as Dan pointed out, the biggest thing I'm watching is how
 these railies react to this, whether they can stand, pat themselves with regards to
 Lebanon and that projects onto the Iranians and holding this piece deal together.
 But look, coming into this, though Morgan, I'll tell you, we were looking at a huge glutt
 for this time of year.
 We could be returning to those low prices very quickly.
 Wow.
 I got to tell you, I was not expecting you to say that because we've had so much messaging
 here over the last three plus months about higher for longer.
 You think we're actually going to be able to replenish all those stockpiles and get the
 spigots going in a much more meaningful way, much more quickly.
 You don't think this changes the dynamic in terms of countries now feeling like they have
 to hoard oil for the future?
 I think there'll be some additional demand, but I mean, clearly the market signaling here
 that there won't be a supply issue.
 The fact that we never got, we're able to even maintain $100 a barrel in the face of
 all of this was remarkable to me.
 What we had come to this market was the Chinese just dialing it back and not wanting to pay
 those high prices and living off their inventories like much of the world did.
 So I think you're getting back to the issue is do we get back to that glutt scenario?
 That's a no.
 But do we get back to the 70s, the 60s, maybe the upper 50s relatively quickly?
 I do think that.
 The analogy that I've heard and I've stolen is that this is sort of the unkinking of
 the garden hose here.
 And if you ever worked outside and done that, though the water comes blasting at you
 after you've cut it off for that period of time, and I think that's what we're going
 to see here.
 These countries are desperate for their petriot dollars.
 They're going to move heaven and earth to ramp up their output and exports.
 And I do think that these prices should be on a trajectory even lower from where they
 are right now.
 Yeah, and to your point, I mean, US production has continued to ramp up here, too, and so
 have US exports.
 And so that's going to be another piece of the puzzle that wasn't there a couple of months
 ago.
 I want to go back to the refining piece of this, too, because obviously that's where
 you see in the biggest pain has been in crack spreads and things like jet fuel and sort
 of that refined product pricing.
 So how quickly can refining capacity that's been impacted in the region come back online
 as well?
 Well, obviously we're going to have some issues with the refining capacity that got
 the damage by the military activity.
 But again, you had these situations where they weren't necessarily all that damage.
 They were dialed back because they couldn't get the supply out.
 But that will take some time.
 The crack spreads, the profit margins that the refineries have actually should maintain
 themselves.
 So from an investment point of view, that's going to be a great spot to sort of hang out
 while these prices readjust.
 The bigger problem is going to be globally from that liquefied natural gas, getting that
 out, obviously, guitars, infrastructure was raked over in this.
 So the Europeans will still have a question mark as far as being able to replenish their
 supply.
 The U.S. is also stepping up there, so it won't be the horrible situation we were staring
 down.
 Getting this over with and getting the straight back open is decay.
 Once if we can see vessels freely starting to move back and forth, and I do mean back
 and forth, then the losses that we're seeing here in this market should hold and be built
 upon.
 All right, John Kilduff.
 Thank you.
 Great to have you on to kick off the hour.
 Thank you.
 And of course, it's not just crude oil, either.
 It's things like helium and fertilizer, which have been even more gridlocked in the region.
 Well, once again, U.S. stock futures are sharply higher.
 We're taking a look at some of the top gainers in the S&P 500 right now, too.
 Look at that.
 And as I said, 622, it's poised open there later this morning, as of right now.
 Let's see how Europe and, oh, and here we go.
 You can see the pop that's happening in semiconductors and other tech names, too.
 Let's see how Europe and Asia are shaping up.
 J.P. Young is in Singapore.
 Karen Cho is in London.
 Karen, let's start with you.
 And the stock 600 hitting its first record since February.
 Morgan, yes, it is a positive reaction here.
 But I think all eyes on Switzerland still for the actual signing and for what could go wrong
 from here.
 Don't forget, we already had a rate hike from the ECB last week.
 So I was flying over the Swiss Alps yesterday, and I can say the ice caps are melting.
 So a little bit like that today, we've got a melt-up, not exactly roaring ahead like
 you've seen on those futures date side and parts of the Asian markets today.
 We are higher, but we've also drifted off the higher ranges that we started up first
 out of the gates, for instance.
 We had one and three quarters of a percent on the DAX initially, now it's one and a quarter
 percent.
 So we've already given back about half of a percent.
 So we do have the stock 600, as you mentioned, recovering all of its conflict-related losses
 and notching a new record high today.
 So we are moving into higher territory in some of the sectors during the heavy lifting
 travel leisure, for instance, the sub-index trading as highest level ever, driven by the
 NG Price Census of Airlines, two, also one of the big movers today, all those are leading
 the pack in early European trade, you've seen that bounce there, 3.3 percent, and industrial
 is getting back into some of the action as well.
 No surprise, though, that oil and gas names are the laggards.
 We've seen WTI crude futures fall below the $80 mark for the first time since March.
 Moose of about 5 percent lower, impacting the sector, down 3 percent, as you can see.
 But other areas also marching into the red telecommunications, which has been benefiting
 from the AI trade, that is down 7.10% of the percent, utilities, health care can't catch
 a bit this morning.
 And food and beverage, we heard some threats made by President Trump around tech taxes
 against the French saying there could be tip-for-tat wine tariffs.
 So already, as the narrative moves on to what could come next in terms of President Trump's
 agenda, there's a little bit of sensitivity there, too.
 So I think Europe is still very cautious in its reaction today, Morgan, back to you.
 All right, Karen, thank you.
 I want to hear more about this flight over the Swiss Alps, maybe we'll do that later.
 The melt-up.
 As it were in Europe, Karen, thank you.
 Let's get to the action in Asia and our JP-Yong.
 JP.
 Yeah, good morning, Morgan.
 And no caution here in Asia, it seems the prospect of the straight-of-for-moose reopening
 and those falling-grunt crude futures really putting a smile in many of the face of traders
 out here in the Asia Pacific.
 We see the Nik-225 surging by more than 3,000 points of the close.
 And the cost be back to their surging and ramped bunches ways up almost 5% at the close
 today.
 And the Chinese markets, also not doing too shabby, also posting out those handsome gains.
 Now, one sector is worth looking at is the oil and gas sector here in Asia, but mostly
 because the downstreamers are getting more love than some of their upstream counterparts.
 And that's because a lot of these refinery operators have been thirsty for cheaper crude.
 If crude starts to come down, that means they can process more jet fuel and more gasoline
 that will satisfy a lot of the energy security woes out here in Asia, but upstream providers
 such as China's scene might be facing lower margins if prices start to ease off.
 So again, not all smiles, mostly towards the downstream area in Asia.
 One sector that's smiling across the board really are some of the airlines here, all soaring
 high, no point intended.
 And that's because if we start to see jet fuel start to come down, it means more of these
 airlines can start restoring some of the routes and operating some of the routes once again
 because it might, without having to worry about actually enacting a loss.
 So airlines also doing quite well, and of course one other thing to watch out for tomorrow
 is going to be that of the Japanese yen, and that's because the back of Japan is set
 to make their own policy meeting and they are expected to hike rates by about 25 basis
 points tomorrow, which means that the yen, which has stubbornly been at this weak level
 of about 160 against the US dollar, will be once again something to watch out for if it
 starts to get some gains and definitely monetary policy and fix them to come markets out in
 Tokyo will be something we'll watch out for tomorrow, which might also be getting just
 a little bit of a cheer that is from the developments of possible peace in the Gulf
 region.
 So overall Morgan, a very, very good Monday today and no, not everything good is because
 of Jalen Brunson.
 Thank you so much Morgan, I'll see you guys soon.
 Good morning.
 Sounds good.
 Okay, same time, same place tomorrow, so we can talk more about the yen and what's going
 to be a very busy week for central bank decisions.
 J.P.
 Young, thank you.
 A lot more to come here on morning call, including SpaceX, making history and its blockbuster
 debut.
 We're going to check where the stock is opening on its first full day of trading.
 With Dan Ives, it says it means for the rest of tech, we're also going to get his response
 to Gwen Shotwell's response to him and that Tesla merger speculation.
 Plus, we got much more on the US around P steel and what President Trump is expected to
 say when he lands in France for this year's G7 summit, a live report from the region when
 morning call returns.
 Welcome back.
 We're going to check on shares of SpaceX after officially entering the public markets on
 Friday, jumping 19 percent on Friday in what was the biggest initial public offering ever
 raising $75 trillion before the green shoe and closing it around $161 a share, valuing
 the company at $2.1 trillion.
 You can see right there on your screen, we're trading just below $167 a share of pre-market,
 so another jump here.
 Elon Musk and SpaceX, President and CEO Gwen Shotwell ringing the opening bell in Texas
 and the NASDAQ in New York, respectively, on Friday.
 And I spoke with Shotwell on Friday.
 This was my second exclusive sit-down with a longtime SpaceX leader about SpaceX's AI
 plans and specifically CAPEX and spending on AI.
 And as it's striking these deals with companies like Anthropic and Google to basically supply
 compute that it's not using, whether it is ultimately going to need to spend as much
 as some of the other LLM companies and hyper-scalers when it does come to this AI compute build-out.
 So have a listen to that.
 I think our use of compute is pretty efficient, so I don't think we'll have to spend quite
 as much CAPEX as they are.
 And we also demand that our coders are quite efficient in their code as well.
 So let's put this way.
 I hope not.
 I hope we don't have to spend that much money.
 For more, let's bring in Dan Ives, Global Head of Technology Research at Web Bush Securities.
 Dan, great to have you on.
 She was very blunt in saying that they are now a competitor to the so-called neo-clouds
 and anybody else that's offering AI data center compute right now, as long as they have
 the capacity to offer.
 And obviously, space-based data centers are going to continue to bring more online here.
 But I also just think they are, I don't think.
 I know that they are looking to build out a vertically integrated, complete AI tech stack,
 which is perhaps different than what we've seen elsewhere in the market.
 Want to get your thoughts on it?
 Look, I mean, it's a data play.
 At the end of the day, I mean, what they're doing is start with XAI and Space X.
 It's my view, over an 80% chance, Tesla in the next year in terms of the merger.
 This is all about data.
 And when it comes to AI revolution, this is a clear derivative of what we're seeing
 play out here.
 And I think it speaks to this, because it's not just space, right?
 Go go open AI and drop it, everyone else is going to ultimately have to go public because
 of the arms race, because of data.
 And you're starting to see convergence with Neo Clouds as well as the hyperscalers.
 You just mentioned it, the possibility of a Tesla merger.
 I asked Gwynne Schott, well, my first sit down with her about that.
 And I actually specifically quoted you on your note to get her response.
 Here's what she had to say.
 There's no question that there's synergies between Tesla and Space X and our futures,
 definitely.
 There's a convergence of what we're all trying to accomplish in the future.
 But right now, I'm focused on keeping the lights on here, keeping rockets in production,
 flying rockets, flying people, getting to the International Space Station, and critically
 providing broadband to folks that don't have access to that critical capability.
 So that was her response to you in response to where potential MNA could go for SpaceX.
 So now I want to get your response to that, especially since I think maybe something that
 folks are not fully factoring in is going to be the wild card if something like this were
 to materialize is actually Tesla shareholders and whether they get on board.
 Yeah.
 Hey, look, it will ultimately come down to price for Tesla what they'd have to pay.
 But look, I think when she handled that perfectly, I mean, this is all a game of high-stakes poker,
 that's not the first priority right now, it's about Space X, it's about launches, Starlink.
 But when I look out over the next year, I mean, I continue to view that as something that
 I would be shocked if it doesn't happen, just given the synergies, given the cross-pollination,
 and also for Musk himself.
 I think it's something that makes the most sense to have all that AI technology under
 one hood, especially given the control and nature of SpaceX.
 Yeah, I think SpaceX casts a light on this intersection to this growing intersection of
 frontier technology, or we'll say strategic technology companies like SpaceX, like Palantir,
 a number of others, and their increasing partnership, collaboration, contracting with the US government
 as well.
 And the SpaceX has been doing that for quite some time, but then you look at some of these
 newer companies like Anthropic, and there are hiccups and risks here associated with partnering
 with the government and government contracting, especially, and I also argue culture clashes.
 So what do investors need to understand about that, given what we saw with Anthropic,
 with the government over the weekend, with its latest model release?
 Well, you don't want to pick a fight with the US government, and especially at this time
 what we saw with DOD Pentagon, it's essential, Mr. Scarlet Letter, that they're navigating
 in the same class of Huawei, and over the weekend in terms of the blockage of the model
 from foreign companies, from foreign workers, look, this just, it speaks to this type
 route that Dario and Anthropica are trying to walk.
 You're trying to please, and sometimes internally, and some of the culture, but then it comes
 down to like, look at OpenAI, look at all these other companies are going after, it's hundreds
 of billions of dollars that the government ultimately is going to be impacting when it comes
 to AI.
 I mean, how does it speak, though, I think, to the fact that modern day technology companies
 are largely going to be dual-use technology companies, and find ways to work with the
 government, given the fact that AI is sort of seen as this geopolitical PowerPoint.
 Well, I think Carp Palantir Fronten Center is one that's handled that I think probably
 as good as any out there in terms on the government side, but then of course, focus on the
 enterprise, but it also speaks to the broader arms race that you're seeing first China.
 There are national security issues, and it comes down to, for the first time in 30 years,
 the US is ahead of China when it comes to tech, and I think that's a very important dynamic
 where we are today.
 I think that's how investors, they're also looking at this in their cues in terms
 of what, trying to see around the corner of where the spending is and how these come
 is going to navigate, but it comes down to when you go public, it comes down to growth
 profitability and cash flow, and it's hard to do that without government backing.
 All right, Dan Ives, don't go too far, because we've got you on double duty this morning.
 You're going to be back for the morning call career, which is an all-star career in just
 a little bit.
 Straight ahead, though, we've got a one-on-one with the CEO of one of the most highly
 funded quantum computing companies in Europe.
 It's one that counts in video, Amazon, and the Department of Defense as key customers.
 At first, we're watching Energy Stocks with oil hitting its lowest level since March.
 You can see Energy Stocks under pressure, as you might expect here, in the market, morning
 call will be right back.
 Welcome back to Morning Call Google, reportedly telling the White House no thanks when it came
 to funding for quantum computing.
 This, according to a recent report from Semaphore, which said the tech giant felt any funding
 would have come with conditions that would have prevented it from moving as quickly as
 it would like on the technology.
 The Commerce Department's announcement that it's investing over $2 billion into U.S. quantum
 companies, though, highlighting how the world's major economic powers are spending to make
 sure that their quantum computing industry is expand within their own borders.
 For more, let's bring in Yon Goats, a co-founder and CEO of IQM Quantum Computers.
 This is one of Europe's leading providers of quantum computing, and you do a lot of work
 here in the U.S. as well, and globally.
 So I think if we just take a step back, IQM, what do you do?
 What do you bring to the landscape that maybe is different than others?
 Yeah, so IQM is a full stack provider for quantum computers.
 We are fully vertically integrated.
 We run our own chip factory, our own assembly line, and we are leading when it comes
 to selling quantum computers as on-prem devices into data centers and big, super computing centers
 around the world.
 We obviously saw a lot in Europe, but also in Asia and here in the U.S. as well.
 Yeah, and why is that a competitive advantage here, especially when you think about, I
 guess, the ever-growing value of something like data?
 Yeah, so many people think quantum is still like a technology thing, and it's not clear
 which technology wins and how to build a quantum computer.
 We think we are far beyond that.
 It's actually about the adoption and getting quantum computing to use.
 And this is what we call production quantum, really bringing quantum computers into data
 centers so that people can actually use it on a daily basis.
 When does that get realized, like, fully realized?
 So we have shipped quantum computers around the world.
 We sold 23 into data centers, they're all operational, and we integrate them with GPUs
 and CPUs in these advanced compute environments, and you can run algorithms.
 You get the right answer out.
 You might still be limited a little bit in the problem size that you can solve, but the
 computers are such a fully operational.
 It wasn't that long ago, I think it was maybe a year, year and a half ago where folks were
 saying, including Jensen Wong at some point, was saying, you know, this is still the full
 realization of quantum technology is still many years away.
 I mean, I have found myself just even in recent weeks having quite a few conversations
 both with people in the industry, and also people who are at companies that are spending
 a lot to adopt this technology saying, no, no, no, we're much, much closer to widespread
 adoption than people realize, like maybe just a year or two years, even three years away.
 Yeah, that's correct.
 And it's not that black and white that suddenly there's full functionality and before there's
 nothing.
 It's like in semiconductors where we had more slow over decades, and the processors become
 more and more powerful.
 And I think we have seen this with AI, which runs on GPUs.
 Initially GPUs were developed for graphic processing, and then people that also cryptomining
 a lot of simulations.
 So the processors become more powerful over time, and more and more applications get unlocked,
 and it's the same thing with quantum.
 The computers that we build get more and more powerful over time, and more and more applications
 get unlocked over time.
 And we're seeing what AI is doing in terms of presenting new and at least up until now
 perhaps undefined, like issues and cyber risks that don't yet have defenses or answers
 and in response to them.
 What does quantum do to that entire conversation?
 Yeah, so quantum has the promise to solve problems where we know today, we will never
 be able to solve them on conventional transistor based computers, and some of them are actually
 also in the crypto and encryption domain.
 This means there is a risk ultimately for all the communication that we do for some
 of the cryptocurrency and other things.
 Of course, there are also many, many use cases which create a lot of value when you think
 about drug discovery and the like.
 But this is always with these new technologies, this is a double-edged sword where you
 have the good use cases, but you also have a certain threat that comes from this new
 technology.
 Yeah, and there are folks out there that actually think this is part of what's pressuring
 Bitcoin and other cryptocurrencies right now, the concerns around all of this moving forward.
 You're getting ready to go public.
 I think perhaps before the summer is out, why now?
 Well, we do think it's the right time.
 I said the technology is ready, the adoption is coming, we have a successful sales cases
 around the world, and so we think when you want to be a global leader, which clearly
 is what we're aiming for, then this is the right timing, and we are really looking forward
 to it.
 Young Goats of IQM, Quantum Computers, it's great to have you here on set, thank you.
 Thank you.
 Well, still on deck, why Russia and Ukraine may be top of mind when the world leaders meet
 in France for the G7 this week, for a live from the region after this.
 Welcome back, I'm Morgan Brennan, and this is morning call, US Stock Futures are surging
 as we follow that breaking news on the US and we're on agreeing to a peace deal to
 end fighting and reopen the straight of her moves as soon as Friday.
 You can see S&P up 82 points right now, poised for a much higher open, Dow almost 400 points
 in the NASDAQ, the big winner pre-market this morning amid this risk on rally, 558 points
 is where we're indicated to open.
 Working Russell 2000 futures after that index hit a fresh intraday high on Friday as well,
 you could see up about 1.5% pre-market.
 Oil sinking though on the Iran news, hitting its lowest level since March, WTI crude is
 down about 5.5% trading around $80 a barrel, and Brent is also much lower under 83 bucks
 a barrel.
 Checking metals too with gold and silver popping this morning also copper continues its
 move higher here as well, getting some attention in general because it's had a strong series
 of weeks.
 And let's get a check on shares of SpaceX on the back of that blockbuster IPO, first
 full day of trading today, and you could see shares are surging this morning, again pre-market
 as well.
 We're right around $166, $167 per share.
 Remember that at price that that take it or leave at $135 per share with the IPO offering
 on Thursday night.
 We've got more on SpaceX coming up.
 In the meantime, we're getting a check on global markets in the back of the Iran news,
 green in Asia, green in Europe, and also treasure yields lower, global bond yields lower
 across the board as well this morning.
 If we turn back to that breaking news, the U.S. and Iran are greening on a piece deal
 to end fighting in the region, reopen the straighter four moves.
 The development coming ahead of President Trump's departure for the G7, leaving for that
 summit earlier this morning, Iran set to be a key topic of discussion among Trump and
 his fellow G7 members, and our Megan Gasella is live in Geneva, Switzerland, where the
 President will arrive later this morning.
 I don't think it's in Geneva.
 I think you're in France, Megan.
 She is in Geneva.
 Okay.
 That's absolutely right.
 Morgan.
 Yes, I am in Geneva, Switzerland.
 We are just over the border here from Evian, France, where those G7 leaders are starting
 to meet, and where President Trump will be later this morning.
 It was just around 3 a.m. Eastern that he boarded Air Force One, so he is on his way here
 now for those meetings that will continue through Wednesday.
 But before he left, he did confirm some of the details of that U.S. Iran deal that is
 moving markets this morning, a framework deal I should emphasize.
 He said on true social that he authorizes with this deal the toll-free opening of the
 straighter four moves, and simultaneously he's authorizing the immediate removal of
 the United States naval blockade.
 He wrote ships of the world, start your engines, let the oil flow, and then in a subsequent
 post-morgan, he crucially gave some details on the timing, saying, with the opening of
 the straight, upon the signing of the deal on Friday, for purposes of mine removal, oil
 will flow on both ends again, and for the region and the world.
 So Morgan, a couple of things to note on all of this.
 One, as he says in that second post, we are expecting tentatively as of now a signing ceremony
 possibly here in Geneva on Friday, but none of this will take effect until then, it is
 still a long way between now and Friday.
 There's also not been any text yet released of this framework agreement, so it's hard
 to know exactly what's in it, it is being described, though, as a memorandum of understanding
 that would reopen the straight while pushing the discussions on the thornier issues on
 the nuclear program, for example, and in exchange, the lifting of sanctions and the unfreezing
 of some financial assets, all of that would be pushed until later, and there are already
 some disagreements between the two sides on how exactly all of that will work.
 So emphasizing again, nothing in effect just yet, but of course, markets buoyed nonetheless.
 And then as you mentioned, this is of course going to be the biggest topic of conversation
 at the G7 this week, a lot of G7 leaders this morning, posting statements welcoming the
 news of the deal, the European Commission President Ursula von der Leyen saying on Twitter
 that Europe is ready to play its part to help implement this.
 She adds we must diversify our supply routes and develop alternative export corridors to
 diversify away from the bottleneck of Hormuz.
 She says we will discuss this and more in Evion, showing there just how much leaders will
 be focused on this and on really moving forward when they do meet this week.
 And finally Morgan, just briefly, we can flash some highlights of the President's schedule
 this week.
 And you can see here a number of bilateral meetings he has planned with Middle Eastern
 leaders.
 They're also set to meet with the full G7 as well throughout the week, the Middle Eastern
 leaders will.
 That is, so a lot of time there to continue hashing out these details.
 Morgan, Megan, thank you, and of course, AI on tap too, Ukraine as well, a lot that
 Megan Kisello will be watching for us.
 We're back after this break.
 Welcome back, we're watching Shares of SpaceX and a host of other space companies in the
 pre-market action after Friday's record-breaking IPO for SpaceX.
 You can see everything's popping this morning.
 For my exclusive conversation with SpaceX, President and CEO Gwen Shotwell, despite all
 of the excitement around the offering, she is maintaining her long-term vision.
 You know, not everything has to get done on the first day, right?
 I think there's a lot, I think there's opportunity, as we proceed down the path.
 Okay, so you don't feel like you've left capital on the table when you see indications
 of $172, $175 to share.
 You know the book that we set up that we've been working over the last couple of weeks
 is really a great book.
 We're really looking for investors that want to stick with us for the long term, and I feel
 really proud about what we've done.
 Well, joining me now is Will Ryan, founder and CEO of Granite Shares, launching two SpaceX
 linked, leveraged ETFs today.
 Well, it's great to have you on before I get into those products and why.
 I had somebody, I had a board member from SpaceX asked me at the end of the day on Friday,
 what I thought was the most surprising thing about the IPO.
 And it was a very easy answer, and that was it was extremely orderly.
 It opened hours before anybody expected it to, and you could even make the argument
 that it closed in the sweet spot in terms of a move higher, but not so high, that again,
 going back to the shot, well comments, you know, Naysayers could argue that SpaceX left
 money on the table.
 Your thoughts on what we saw with a history-making day for a history-making IPO and how orderly
 it was?
 Yeah, I think that's right.
 I mean, there was certainly nothing disorderly about Friday's trading.
 The stock opened up quite nicely, and I think there were some people that perhaps expected
 a pop of, you know, quite considerable margins, which didn't really materialize.
 So I think overall, a really sensible day, and certainly people that were looking to
 get in, you know, got what they wanted out of the day.
 Yeah, I also just want to address something that's been on our screen, and that is, I
 think there's a technical issue with our SpaceX chart.
 Users are higher this morning, but they're higher by about 6% rather than the double-digit
 gains that we've been showing on the screen.
 So I just want to correct that for our viewers.
 Okay, that said, you're launching these products two times levered ETFs tied to SpaceX.
 Why?
 Why now?
 Who do you expect to engage with them?
 Well, I think this is, you know, part of the trend of leveraged products on single
 stocks, which has really become a massive global phenomenon.
 And so SpaceX launching on Friday, this is the first opportunity that we have to launch
 SPAL or SPAL, which is the 2X long, and SNK or SYNC, which is the 2X short.
 Now this goes on the back of our experience with Tesla, which has been not just obviously
 a great stock for investors to look both on the long and the short side, but it has that
 polarity of views, like anything Elon Musk related.
 So I think when it comes to SpaceX, this is just another example of where investors will
 be looking to trade both sides of this story.
 You've got the bulls, which think that this stock is going a lot higher and are betting
 on all of the future that the company's laying out, and then, of course, you've got the
 bears.
 They probably can't really get past the valuation framework, and therefore, through that lens,
 this is something they want to short or not participate in.
 Okay.
 How is this different than some of the other levered products?
 So we're also seeing launch.
 There's a number of them today that are launching, so how is this different than what
 else is in the marketplace, and perhaps more broadly, how does the fact that we are seeing
 products like this launch and launch so quickly after an IPO speak to market conditions?
 Yeah, I think that this is just a really, really popular space, and you've got a legion
 of investors who are looking to get leveraged exposure both long and short to these major
 names, because there is so much in terms of interest, and then, of course, volatility
 in the underlying.
 In terms of how we're different, we're a leader in the space, we really pioneered this
 whole concept, starting in Europe first with the first three times long and short ETFs
 and have continued that to the US.
 So I think when it comes to the strength of the platform, a brand that people can trust,
 we want people to look at granite shares and think of granite shares first when it comes
 to leveraged products on single stocks.
 All right.
 Well, Ryan, thanks for joining me.
 Thank you.
 Straight ahead.
 The morning call crew team up the trading day ahead.
 Why one member says SpaceX's historic IPO could vote well for the broader markets.
 Time for your call sheet where we look at the topics driving the trading day ahead.
 Crew members today, Dan, I was a web bush still with us, Tom Lee, a fun strat, and Steve
 Grasso, Grasso Global, both CNBC contributors.
 Okay.
 We had a huge weekend, by the way, with sports.
 We haven't even talked about that.
 NICS, other things as well, MSGS shares, by the way, for actually higher, but a huge weekend
 for the administration too.
 So let's start there.
 Tom Lee, I want to get your thoughts on this piece deal that we're potentially going to
 get here come Friday between the US and Iran and what that's triggering for the markets
 here.
 Overall, it's a positive development.
 Because as you know, the world is aware of a time running out in terms of having that
 straight open and inventories running out for petroleum products.
 So I think the timing, of course, is welcome, and that's why we're seeing markets rally.
 Whether all parties are satisfied with the resolution is probably less important to
 markets.
 And what's more important is that the world economy is not going to suffer from petroleum
 shortages.
 Steve, it was interesting to me, John Kilda, at the top of the air hour, was saying that
 he actually thinks oil is going to move back towards the 60s much faster once the
 straight of our moves gets opening here.
 That's different than what we've heard from a number of folks over the last couple
 of months about this idea of hire for longer.
 Yeah, I've always been bearish on oil.
 We were in an over-supplied state going into the Iran conflict and we will return to that
 over-supplied state.
 USA is the biggest producer, and I think the fact that we couldn't trade above 120, and
 we have fallen also precipitously.
 We could be looking at oil in the 60s range.
 If you look at the forward funds, Morgan, that really tells the story.
 We started off around 65, traded at 120, back down to 80.
 I think it's going to shock a lot of people, and that change is the calculus for the fed
 dramatically.
 All right.
 We are going to get to that here in just a second, but first Dan Ives, I mean, Nasdaq leading
 the charge pre-market this morning.
 You talk about risk on its semi-stocks and other AI names that are surging the most
 right now.
 Look, Friday was a Goldilocks day because the thing about coming in, the bears, you know,
 on fire in a crowd theater, that SpaceX is going to beat the oxygen out of the tech
 stocks, the liquidity.
 Look what happened.
 It was like Washington, Bronson, and the next game 5.
 So I think this is a bright green light to own chips, to own tech.
 And I think this is a huge sort of signal that we're seeing in terms of the appetite for
 broader tech, especially what we saw with SpaceX, but the ripple effect that's going to
 take place here.
 I want to get into SpaceX more in just a moment.
 So Tom, your thoughts on what a takedown in geopolitical risk premium means, as we
 see crude oil fall, as we see treasury yields fall, what it's going to mean for this setup
 for FOMC, given the fact that many of the officials were leaning a little more hawkish
 coming into this meeting, but of course, we got a new Fed chair.
 I mean, the market's going to test Kevin Warsh on his views this week, but I do think
 if he was in the camp that we can treat this inflation surge driven by oil as transitory,
 I mean, not the best word, as temporary.
 And therefore he could lean dovish.
 I think there is going to be more room for markets to interpret his statements that way.
 So I think he's going to come into this week with tailwinds and the possibility that his
 agenda could be something the market respects.
 I think it's actually quite bullish for the FOMC.
 Okay.
 Want to get your thoughts on this, Steve, especially since last week you raised some
 eyebrows on the call crew when you said that you don't think cuts are off the table.
 Yeah, I mean, if you think about cuts, right, the 60% of inflation numbers are from the
 spot in energy and no one, and any central bank should not be raising rates in the, in the
 supply issue or disruption.
 Every time you do that, you have to reverse really quickly and start cutting.
 So if we see inflation dip and the type of inflation that I'm talking about could be off
 the table if we see oil really crash, it's already crashed.
 So if we see a whole of these levels and go lower from here, I don't think it's going
 to be an immediate emotional change in sentiment, but I do believe that the back half of the
 year you could see a cut, and that is not consensus.
 People looking for raises, I think that's absolutely bizarre to think about raising rates
 right now.
 That's you're leaving all sorts of IQ off the table.
 Okay.
 We got 45 seconds left.
 I'm going to lightening round this times two, Dan Ives, SpaceX, what are you watching
 first full day of trading?
 Just to see how it trades today, if it trades up another positive sign for the market green
 light.
 Okay.
 Tom Lee, your thoughts, especially with other parts of the market, like the Russell 2000
 at Record Hies.
 I think that SpaceX and the Russell and Tech and AI are all showing you investors have
 too much cash on the side lines, and now they can focus on the fundamentals.
 So I think there was tailwinds for all of those.
 Okay.
 Grasso, is there a level you're looking for?
 Yeah.
 So, if you look at the unlock on SpaceX, $175 starts to unlock if you could trade there.
 I think higher for everything.
 All right.
 Thank you to our morning call crew, SquawkBox starts now.