Trump's address, SpaceX IPO, Sam's Club membership prices and more in Morning Squawk

This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.Happy Thursday. It's the one-year anniversary of President Donald Trump's initial tariff unveiling, what the president dubbed "liberation day."Stock futures are falling this morning. The three major indexes are coming off another winning day.Here are five key things investors need to know to start the trading day:Trump's prime-time address on the Iran war last night appears to have done little to appease Wall Street. Stock futures tumbled and oil prices surged after the president said the U.S. will strike Iran "extremely hard" for the next two to three weeks, dampening hopes for a near-term resolution.Here's what to know:SpaceX has confidentially filed for its long-awaited IPO, sources told CNBC's David Faber yesterday.

The Elon Musk-led company is now one step closer to what's expected to be a record-setting debut on the public market.The confidential filing allows SpaceX to share its financials with the Securities and Exchange Commission before revealing them to the public and potential investors. But as CNBC's Lora Kolodny notes, SpaceX will still have to put out a public filing at least 15 days before a road show.Bloomberg, citing people familiar with the matter, reported that the company could seek a $1.75 trillion valuation and list around June. If SpaceX joins the public market, Musk would be the first person to run two separate, publicly traded trillion-dollar companies.Republican leaders in Congress said yesterday that they will support a two-track plan to fund the Department of Homeland Security, effectively reverting back to the Senate plan that the House GOP killed last week.The proposal would provide money for most of the department, including the Transportation Security Administration, but leave the debate over immigration enforcement for a later date. Trump had said he would pay TSA agents via executive order beginning this week, a move experts say is likely funded by a section of the so-called One Big Beautiful Bill Act.CNBC's Morning Squawk recaps the biggest stories investors should know before the stock market opens, every weekday morning.Subscribe here to get access today.Eli Lilly has received approval from the U.S. Food and Drug Administration for its new GLP-1 pill, the company announced yesterday. The approval sets the stage for Lilly's rivalry with Novo Nordisk to heat up, as both pharma giants hope their GLP-1 pills boost their business in the weight loss drug market's new frontier.The company said its once-daily pill, Foundayo, will start shipping through its direct-to-consumer platform next week before later becoming available through other platforms. People with insurance could pay $25 monthly with a coupon, while those without coverage could pay as much as $349. In an interview with CNBC, Eli Lilly CEO Dave Ricks also said that the pharma giant opposes the White House's push to codify "most favored nation" drug pricing. Ricks said he worried that lowering prices today could lead to a weaker medication pipeline in the future.Sam's Club is raising the price of its annual membership for the first time since 2022.The Walmart-owned warehouse club said yesterday that it will up its annual membership fee by $10 beginning next month. The basic and higher-tier memberships will now cost $60 and $120, respectively.As CNBC's Melissa Repko notes, Sam's Club's membership is still cheaper than Costco's, even with the increase. Sam's Club in a statement cited perks such as expanded hours and improved pickup and delivery options as reasons for the price hike.Here are some stories we'd suggest bookmarking for the long weekend:— CNBC's Davis Giangiulio, Justin Papp, Dan Mangan, Kevin Breuninger, Garrett Downs, Sean Conlon, Lora Kolodny, Annika Kim Constantino, Angelica Peebles and Melissa Repko contributed to this report. Josephine Rozzelle edited this edition.Got a confidential news tip? We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services.© 2026 Versant Media, LLC.

All Rights Reserved. A Versant Media Company. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Data also provided by