10AM Hour: Trump Arrives in Europe for G7, The Street Initiates SpaceX, Anthropic’s Latest White House Battle 6/15/26

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Good morning, welcome to Squawk on the Street. I'm Sara Eisen with Carl Quintanilla and David Faber. We are live as always at Post 9 of the New York Stock Exchange. The Dow hitting a record high, and oil prices plunging after the US and Iran reached a peace framework. But former Trump Defense Secretary Mark Esper says the deal doesn't actually end the war. He'll join us to explain. Plus, SpaceX trading higher again this morning after the nearly 20% gain in Friday's historic debut. We'll talk to an analyst who says the stock is still a buy. And details behind Anthropix extraordinary move to disable access to certain models after a national security warning from the US government will get into all of that. Let's get some NAHB first with Diana Holick. Morning, Diana.

Homebuilder sentiment in the market for single-family homes dropped 2 points to 35 in June, according to the National Association of Homebuilders. That's a miss. The street was looking for unchanged. The builders note this is the 14th straight month with sentiment below 40, which we haven't seen since 2011-2012 during the foreclosure crisis. Anything under 50 is considered negative. Last year, when interest rates were slightly higher, sentiment stood at 32 Now, of the index's three components, current sales conditions fell 2 points to 38, buyer traffic was unchanged at 25, and future sales expectations also unchanged at 45 The survey showed 35 percent of builders cut prices in June. That's up from 32 percent in May. The use of sales incentives overall was 62 percent, up slightly from 61 in May, and marking the 15th consecutive month, this share has reached 60 percent or higher. The Builders' Chief Economist said, costly and inefficient regulatory policy is clearly impeding the ability of builders to increase the housing supply. David. Diana, thank you. Let's turn now to the deal news and we're not talking about an acquisition. We're talking, of course, about President Trump, who is expected to arrive momentarily in Geneva after announcing an agreement that has been reached with Iran on a framework for a peace deal. Megan Casella joins us now. She is in Geneva. Megan.

Hey, David. Good morning, guys. So the president is set to land any moment now here in Geneva before heading over to Evian, just about an hour's drive from here where he'll be kicking off that G7 summit. And he does get to start those meetings now with other G7 leaders with this framework deal in hand on Iran. But we're still learning a little bit more about what exactly the two sides have signed. The vice president says they digitally signed this yesterday that it's a memorandum of understanding that will extend the ceasefire for another 60 days while launching a new round of intensive talks on all of the most difficult issues. That's Iran's nuclear program, as well as, in exchange, the sanctions relief and the unfreezing of Iranian funds. Now, the vice president said that there are two prongs to what's happening now, that the Strait of Hormuz will begin to be reopened and that Iran will be making a long-term commitment not to acquire or develop a nuclear weapon. But he also says crucially that nothing changes for Iran, none of those funds will be released for Iran until they change their behavior. Take a listen here to the vice president.

The agreement is fundamentally built around a two-step verification process. We say to the Iranians, you are welcome to have access to an unsanctioned economy, you're welcome to be re-invited into the world economy, but only if you honor the commitments that you make in this agreement.

The vice president also said that they hope to release text this week and that there is a lot left to figure out. Now guys, you can see on your screen just there, that's the president just landing here in Geneva, Switzerland, meaning the rest of these meetings are set to kick off as soon as he gets over to Evian. We'll see if the president has more to say on this when he touches down. But of course, the Iran news will be top of mind for him and all of these G7 leaders this week. So far this morning, we've heard G7 leaders coming out and welcoming the news so far, but also saying that they want to see more details. We've heard some of those G7 leaders saying that Europe is here to help now with some of that demining of the Strait and other steps required to get it fully reopened. That they also want to spend part of this week discussing a permanent shifting away from the Strait of Hormuz so that the global economy isn't caught in this situation again. And there are other topics to discuss as well. AI tariffs, Russia and Ukraine among them. But of course, as the president arrives now, guys, Iran really top of mind for one. I mean, I feel like the big one big question, Megan, is what what happens if in 60 days, they don't reach a deal on ending the nuclear program and removing the nuclear material, then does the Strait get blockaded again?