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This 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
Chip stocks fell across global markets yesterday, with names like Micron and Intel giving back some of their recent big runs amid the artificial intelligence infrastructure boom. The sell-off ushered a dark cloud over Wall Street and sent investors searching for safe corners of the equity market.
Here’s what to know:
- Micron led the group lower with one of its biggest one-day slides in recent years. The memory chipmaker is set to report earnings after the bell today.
- Other well-known chip stocks including Sandisk, Intel and Advanced Micro Devices followed Micron into the red, dragging the tech-heavy Nasdaq Composite down by more than 2%.
- South Korea’s market benchmark had one of its worst days on record thanks to the index’s relatively high exposure to memory stocks.
- But there were bright spots outside of chips: Megacap tech stocks like Microsoft and Amazon, as well as cyclical names like Walmart, bucked the downtrend.
- S&P 500 futures are ticking higher as yesterday’s laggards rebound this morning. Follow live market updates here.
2. Toll-free
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.
4. New kids on the block
Cerebras Systems Inc. signage during the company’s initial public offering (IPO) at the Nasdaq MarketSite in New York, US, on Thursday, May 14, 2026. Michael Nagle | Bloomberg | Getty Images
Shares of Cerebras are 10% lower in premarket trading after the AI chipmaker reported its first earnings report since going public last month.
The company said revenue soared 92% in the first quarter compared with a year ago, but weak guidance for its gross margin weighed on investors. Cerebras said it expects its core gross margin to come in between 36% and 38% in the second quarter, a decrease from 46.5% in the prior three-month period.
Speaking of recent IPOs: SpaceX shares closed 1% higher yesterday, breaking a three-day losing streak. The stock is catching the eye of short-sellers, but as CNBC’s Yun Li reports, many still seem hesitant about betting against Elon Musk.
5. PGA’s pitch
Brian Rolapp, CEO of the PGA Tour, speaks to the media prior to THE PLAYERS Championship 2026 at THE PLAYERS Stadium course at TPC Sawgrass on March 11, 2026 in Ponte Vedra Beach, Florida.Cliff Hawkins | Getty Images
The PGA Tour is entering a new chapter, and golf fans are finally getting a look at what’s changing.
As CNBC’s Dominic Chu reports, the new format will feature two separate series of tournaments divided by level of play, rather than one main tour schedule. The tour will also revive playoff events with “match play” — where winners are decided by head-to-head matchups — rather than “medal play.”
PGA Tour CEO Brian Rolapp said the organization is getting the changes ready for the 2028 season. The announcement comes ahead of this week’s Travelers Championship in Connecticut.
The Daily Dividend
S&P Global said yesterday that workforce reductions at U.S. factories are nearing highs last seen in 2009 and during the pandemic.
Factory job cuts are running at the highest since 2009 if the pandemic is excluded, reflecting concerns over the sustainability of the recent upturn in demand alongside worries over the escalating cost of raw materials.Chris Williamsonchief business economist at S&P Global Market Intelligence
— CNBC’s Sean Conlon, Lisa Han, Luke Fountain, Sam Meredith, Matt Peterson, Steve Liesman, Jordan Novet, Kai Nicol-Schwarz, Yun Li, Dominic Chu and Jeff Cox contributed to this report. Josephine Rozzelle edited this edition.
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