The Top State for Business & Debating Prediction Markets 7/9/26

**SPEAKER_1** (0:00)
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**SPEAKER_2** (0:27)
This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information-packed daily market preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions, and key results and statistics that may impact your trading. Download the latest episode and subscribe at schwab.com/marketupdatepodcast, or find Schwab Market Update wherever you get your podcasts.

**Joe Kernen** (0:57)
Bring in show music, please.

**Katie Kramer** (1:00)
Hi, I'm CNBC producer Katie Kramer. Today on Squawk Pod, what is America's top state for business? CNBC has been studying and ranking states economically and dynamically annually for 20 years. Our Scott Cohn crisscrosses the nation.

**Scott Cohn** (1:17)
Changemaker, well, this is the state where the cash register was invented by James Riddy.

**Katie Kramer** (1:23)
He gives us some crazy clues we can't interpret and then reveals the big winner and its leadership.

**Joe Kernen** (1:29)
I'm teary. I'm teary. And Governor, thank you that it is finally happening.

**Katie Kramer** (1:33)
Where is the answer? Keep listening.
And traditional gaming upended by America's new obsession with prediction markets, former Senator Dean Heller.

**Dean Heller** (1:43)
With the gaming industry, if you lose, gaming wins. With prediction markets, all we're doing is putting a buyer and a seller together.

**Katie Kramer** (1:51)
Plus, the latest on US strikes against Iran are Megan Cassella reports.

**Megan Cassella** (1:56)
After those attacks, missile alerts were reported in Bahrain and Qatar, both of which appeared to be targets of Iran's retaliation.

**Katie Kramer** (2:03)
And how to read the tea leaves in a new era at the Federal Reserve.

**SPEAKER_8** (2:07)
Briefcase indicator. No one carries a briefcase anymore. You know why?

**Joe Kernen** (2:11)
Because no one has paper.

**Katie Kramer** (2:13)
It is Thursday, July 9th, 2026 Today's Squawk Pod with Joe Kernen and Melissa Lee starts right now.

**SPEAKER_8** (2:21)
Stand by Joe in 3, 2, 1, his mic, cue.

**Joe Kernen** (2:27)
Good morning.

**SPEAKER_8** (2:29)
I don't know.

**Joe Kernen** (2:30)
I can't help but smile. Melissa's here. I welcome the Squawk Box here on CNBC live from the net.
She's smiling, sort of. It kind of a bemused smile. We're live from the NASDAQ market site in Times Square. This is the look of someone who's facing three hours with me.

**Melissa Lee** (2:47)
Wait till you see me at the end of the three hours.

**Joe Kernen** (2:49)
Will it be a bigger smile or will it be just an exhausted smile?

**Melissa Lee** (2:54)
New round of strikes by the US and Iran in the Middle East, as you had mentioned. Megan Cassella joins us now with the very latest. Megan, I guess he, President Trump sort of didn't want to answer the question on Air Force One as to whether or not this was a return to war.

**Megan Cassella** (3:07)
That's absolutely right, Melissa. We saw him sort of sidestep the direct asking of that question all day long yesterday, but you're right. The US launching attacks on Iran late yesterday. It was the second straight day of attacks. US. Central Command saying the strikes hit more than 90 targets up from 80 the day before, included military logistics infrastructure. And these strikes, they say, were designed to further degrade Iran's ability to attack commercial shipping in the Strait of Hormuz. After those attacks, missile alerts were reported in Bahrain and Qatar, both of which appeared to be targets of Iran's retaliation. Now, the president said the latest strikes were a retribution for Tuesday's bombing of ships by Iran. And he said, if it happens again, it will get much worse. Iran's parliamentary speaker later warned on social media that if you strike, you'll get hit and that the Strait of Hormuz will only open, he says, with Iranian arrangements, not American threats. All of this coming after President Trump yesterday declared the ceasefire over, at least to him, he says. He also later in the day said that he doesn't see the two sides returning to full blown war. He also said negotiations can continue and that Iran wants to make a deal very badly, but that he isn't sure if he wants one anymore. He also said he doesn't know if Iran will honor any agreement that gets made. So it all leaves the two sides at this point somewhat in limbo. The president says the ceasefire is off. The sanctions we know are back on. Both sides are exchanging threats. And the MOU appears like it might be fracturing, but we're also not back to all out war. And as the market seems to reflect, we have been here, it seems, before. Melissa?