11AM Hour: Council on Foreign Relations President Emeritus Richard Haass, Oil Prices Spike & Apple Expands Broadcom Partnership 7/8/26

Megan Casella (0:00)

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Carl Quintanilla (1:00)

Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Leslie Picker here at Post 9 of the New York Stock Exchange. Sara Eisen's off today. Stock's getting hit as these geopolitical risks return. The president says the ceasefire with Iran is over and that the US will quote, hit him hard tonight. But the CFR's President Emeritus Richard Haass is with us to say quote, don't take his comments seriously.

David Faber (1:21)

Plus watching the energy markets oil on the rise once again today, we're joined by one energy and security strategist who says crude markets have oversold based on excessive market optimism.

Carl Quintanilla (1:33)

Apple's domestic push, expanding its partnership with Broadcom and making its largest US manufacturing commitment to date.

Meantime markets, a little weakness here in the Dow, about one and a half percent, Home Depot, Sherwin Williams among the laggards as the bond market is bringing us a little higher on the yield front, four six on the 10 year. We are seeing energy at this moment at least, the only green sector in addition to consumer staples. So a bit of a defensive crouch.

David Faber (2:01)

As we await President Trump's news conference at the NATO Summit, let's get to Megan Casella for the latest on the war with Iran. Megan.

Megan Casella (2:09)

Leslie, tensions between the US and Iran absolutely reignited today with the president's comments that the ceasefire between the two countries is over and that the US will likely be attacking Iran again tonight. The president is also casting doubt on the idea that a diplomatic solution is even possible, saying he doesn't see it happening with the Iranians. And in new comments, guys, just in the last half hour, the president is now backing off the idea that Iran needs to hand over its nuclear material. Take a listen.

SPEAKER_8 (2:34)

We've already got the nuclear material because it's so far underground. Nobody's going to be able to get it except us because we have the equipment that can get it. But I go with the nuclear test.

The nuclear material is so far down underneath the mountain. And now that's been determined that it would take massive machinery that we have that no other country has.

SPEAKER_4 (2:57)

Mr. President, so you have no plans to go in, boots on the ground?

SPEAKER_8 (3:00)

Why would I go in now?

Megan Casella (3:02)

You'll remember one of the president's stated goals of starting this war was curbing Iran's nuclear ambitions, and he has long said that the United States would be taking Iran's nuclear material. In the MOU, the US softened that stance slightly, said the nuclear material would be downgraded on site, but now the president is conceding even further. He's suggesting now that the nuclear material is inaccessible and that that might be good enough for him. As for the Iranians, they are now warning in state-owned media that they will be retaliating against any further attacks. Iran's press TV saying Iran's new strategy will be to fully close the Strait of Hormuz in response to any strike. Guys.

David Faber (3:37)

Megan, what do you make of the timing of all of this? For one, you have oil that had just gotten below pre-war levels. You also have the backdrop of the NATO summit. I mean, is there anything to that?

Megan Casella (3:50)

There could be. We know that the White House and the president watches these oil markets very closely. He was asked about prices today and he sort of cast, he sort of, you know, said it wasn't a big deal. That, oh, it's just up, he says $2 at that time from where it was. It could be something to that in that he saw the big drop in oil prices and felt like it was okay then to reignite tensions. There also could be something to that. He's at this NATO summit and he's feeling very much like the US stands alone. He's very angry at all of these European allies as he has been for months now for not standing with the US and having our back, as he says, in this war that could be leading him to lash out a little bit clearly frustrated. And now these frustrations bubbling over, feeling like he doesn't have any other options, that the negotiations aren't getting anywhere. And now he wants to act strong once again. And the best way he knows to do that is to threaten and move forward with further strikes.