SpaceX's spending surge, the S&P 500's new record, Chipotle's salmonella scare and more in Morning Squawk
Here are five key things investors need to know to start the trading day.
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:
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.
Stocks had another good day on Tuesday. The Dow Jones Industrial Average and S&P 500 both recorded new all-time highs , with the latter also notching its first close above 7,700.
Investors were encouraged by several factors , including Treasury Secretary Scott Bessent's comments to CNBC that the Strait of Hormuz could reopen soon. But not everyone was on board: Michael Burry warned in a Substack post yesterday that the market could be "near a major top."
Disney shares are up more than 3% before the bell after the company's quarterly earnings beat estimates , though revenue came up slightly short.
Elsewhere in media, Paramount Skydance raised its full-year adjusted EBITDA outlook yesterday. CEO David Ellison said in a letter to shareholders that he is "confident" that the company's merger with Warner Bros. Discovery would go through despite legal hiccups.
CNBC's Morning Squawk recaps the biggest stories investors should know before the stock market opens, every weekday morning.
Procter & Gamble is supplementing its portfolio. CEO Shailesh Jejurikar told CNBC yesterday that the consumer goods company will buy supplement brand Thorne for $3.8 billion.
Thorne, which went public in 2021 before being taken private in 2023, said its revenue exceeded half a billion dollars last year. As CNBC's Amelia Lucas notes, Thorne would join brands including Align Probiotic and New Chapter in P&G's supplement arm.
"We are really happy with the asset itself," Jejurikar told CNBC's "Squawk on the Street" yesterday. "It's a really well-run operation, and it's been around for a long time."
Chipotle said yesterday that it is temporary pulling jalapenos from its Minnesota locations due to their possible link to a salmonella outbreak.
The fast casual chain said it has replaced the ingredient with products from different growers after learning of a potential salmonella outbreak in its supply chain. If this feels like déjà vu, it's for a reason: Chipotle was connected to at least five separate outbreaks of foodborne illness between 2015 and 2018.
Shares of the burrito chain fell nearly 10% in yesterday's session following the announcement, marking its worst day since October.
Palantir had one of its best days ever yesterday with a 29% post-earnings surge . But the stock is only up around 1% over the last 12 months, underscoring how much ground it had to make up.
