SpaceX shares trade lower for the first time since the company’s public debut, raising questions about what comes next. We break down what the options market is signaling about investor expectations for the stock. Plus, HPE CEO Antonio Neri joins the show to discuss the company’s new partnership with Nvidia and how it plans to capitalize on the growing demand for AI infrastructure. And new government data shows the U.S. Strategic Petroleum Reserve has fallen to its lowest level since 1983, as energy security and oil markets remain in the spotlight.<br><br>Squawk on the Street Disclaimer<br><br>Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

10AM Hour: SpaceX Falls for First Time, HPE CEO on Nvidia Partnership, U.S. Oil Reserves at Lowest Level Since 1983 6/17/26

Squawk on the Street

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**Podcast:** Squawk on the Street

## Transcript

[SPEAKER_A] Never bet against American grit or American energy. Through innovation, Venture Global is not only building some of the largest energy facilities in the world right here in the United States, but delivering American energy at a fraction of the cost in a fraction of the time. So while others are busy talking, we're busy building. That's Venture Global. That's unstoppable energy.

[SPEAKER_B] Before we had AT&T Business Wireless coverage, our delivery GPS wasn't the most reliable. Once our driver had to do a 14-point turn to get back on route. A 14-point turn! An influencer even livestreamed the whole thing. Not good for business. Now with AT&T Business Wireless, routes are updating on the fly and deliveries are on time. And the influencer did get us 53 new followers though.

[SPEAKER_A] AT&T Business Wireless.

[SPEAKER_C] Connecting changes everything.

[SPEAKER_D] Good Wednesday morning. Welcome to Squawk on the Street. I'm Sarah Iven with David Faber. We are live as always from post-9 of the New York Stock Exchange. Carl Quintanilla has the morning off. Coming up this hour, SpaceX in the red this morning for the first time since going public, and the options market is pricing in some huge potential moves in the coming months. We've got the numbers for you. Plus, Kevin Walsh takes center stage, what he might say at today's Fed news conference and how his comments could move the market in just a moment. Also, ahead, the CEO of HPE, as the company expands its partnership with Nvidia and announces new deals around quantum. Also, President Trump expected to hold a news conference this morning from the G7 summit. We'll take you there live as soon as that happens.

[SPEAKER_C] First, though, business inventories just crossed the tape. Rick Santelli has that for us. Rick?

[SPEAKER_E] Yes, David.

[SPEAKER_F] This is our April read on business inventories. We're expecting up 0.5% and that's exactly what arrived, up 0.5%. And if we look at last month, last month's up 0.9%. Gets revised to up 1%. And even at 9/10 without that revision, it was the best going all the way back to June of '22, almost 4 years. So the 0.5 puts us back just a bit. The February read was 0.4. So 0.5 is the second best read of the year. Of course, the previous month is the best, as I pointed out. We see that yields are moving down slightly. We're down a couple of basis points in a 10-year as we await the Fed's decision at 2 o'clock Eastern. The probabilities are very low for any type of rate change, but of course we're looking to see how Chairman Warsh is doing for his first meeting and deals with his first press conference. We also have pending home sales out for the month of May, and for that we head east to Diana Olick. Diana?

[SPEAKER_G] Well, thanks, Rick. Pending home sales in May rose 3.8% month to month according to the Realtors.

[SPEAKER_H] That's a beat.

[SPEAKER_G] The Street was looking...

10AM Hour: SpaceX Falls for First Time, HPE CEO on Nvidia Partnership, U.S. Oil Reserves at Lowest Level Since 1983 6/17/26

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

10AM Hour: SpaceX Falls for First Time, HPE CEO on Nvidia Partnership, U.S. Oil Reserves at Lowest Level Since 1983 6/17/26

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.