11AM Hour: Squawk on the Street 6/17/26

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Sara Eisen (1:02)

Good Wednesday morning again. Welcome to Squawk on the Street. I'm Sara Eisen with David Faber, live from post-night of the New York Stock Exchange. Carl has the morning off. Today, the high-flying SpaceX trade cooling this morning shares lower for the first time since Friday's debut. We will be joined by one early investor, Christian Garrett of 137 Ventures. Here, why he says the company is still in the early innings of what it can become.

David Faber (1:23)

Plus, the Feds' rate decision is on deck later today. We're gonna discuss what to expect from Chairman Kevin Horst with former Fed Chief Economist Vince Reinhart.

Sara Eisen (1:31)

And President Trump, killing a plan to quickly confirm Jake Clayton as his new Intelligence Chief. Find out why and what it means for Bill Pulte's position with the agency. First up, though, in the markets, the S&P's been positive, it's been negative today. We've got mixed performance from tech, which could be part of the reason. Industrials are actually leading the charge today, along with financials, so it's a bit of a cyclical feel to the market and the tilt higher.

We've got names like GE Vernova, for instance, in the lead. What's underperforming? Communication services, consumer discretionary. As far as the tech trade goes, there is some strength in names like Broadcom and Intel, ASML, AMD, Marvell, some of the chip names, but Meta, Microsoft, Amazon, Alphabet, Tesla, they're a little bit lower, so that's weighing on overall NASDAQ down a third.

David Faber (2:19)

Yeah, and SpaceX, not a part of the NASDAQ, but soon enough certainly will be part of the NASDAQ 100 as well. You mentioned Amazon. We do have some news from Amazon, and Kate Rooney has that for us, Kate.

Kate Rooney (2:31)

Hey David, yeah, Amazon just unveiling some new AI tools at its AWS Summit in New York this morning. These updates are aimed, the company says, at helping enterprises build and then use AI agents and also protect against bad actors. One big headline, guys, is around cybersecurity. They have a new service called AWS Continuum. It's going to use AI to find and help fix code vulnerabilities. The launch does come, of course, as AI security becomes a major focus, both on Wall Street and in Washington, especially given the recent pullback of Anthropics mythos and fable models. Amazon was involved, as we have reported, CEO Andy Jassy and Amazon researchers were the ones who actually initially flagged this so-called jailbreak from what we're hearing that was found in Anthropics models. Still ongoing, no resolution to that yet. Amazon today, at this event, also introducing AWS context that is designed to give AI agents better access to company data so they can go off and make better decisions, more accurate decisions, helps with what they call memory. The company is also expanding its AI coding and enterprise agent tools, underlining what we have heard from a lot of other tech giants, the customers are going to be moving from just experimenting with these AI agents to deploying them across their businesses. The agent arena is extremely competitive. Amazon is going toe-to-toe with Microsoft. You've got Google in this space, OpenAI and Anthropic as well, guys. Back over to you.

David Faber (3:53)

Yeah, Kate, we had Antonio Nourion earlier. We're talking to him about rogue agents as well. Watch out for the rogue agents.

Kate Rooney (4:00)

Got to watch out.

David Faber (4:01)

But back to Anthropic for a minute because I know you've been covering this closely, and it is interesting that Amazon is the one that came out given they're such a large investor in the company as well.

Do we have any expectation in terms of the resolution in the relatively near term? We've seen photos or video, of course, of Dario Moday and the president, for example, of the G7. I'm just curious as to what you may be hearing.