Trump’s address, SpaceX IPO, Sam’s Team membership prices and more on Morning Squawk

Happy Thursday. It is the anniversary of the first year of President Donald Trump’s tariff unveiling, which the president called “freedom day.”

Stock futures are down this morning. The three major indexes will come up on another competitive day.

Here are five important things investors need to know to start the trading day:

Trump’s first-term speech on the Iran war last night appears to have done little to please Wall Street. Stock futures fell and oil prices rose after the president said the US would hit Iran “very hard” in the next two to three weeks, dampening hopes for a near-term resolution.

Here’s what you need to know:

• In a nearly 20-minute speech, Trump stressed that the conflict was “very close” to an end. If no deal is reached in the next two or three weeks, he said, the US could “punch” Iran’s oil.
• Trump did not mention talks or plans to send ground troops, both of which have been seen as ways to end the war.
• The president acknowledged that Americans are struggling with the highest energy prices in years, blaming the spike on “the Iranian government’s devastating terrorist attacks against commercial oil tankers and neighboring countries that are not involved in the war.”
• Stock futures are sinking after the address, with oil prices up nearly 8% this morning.
• The stock market is closed tomorrow in observance of Good Friday. But don’t miss a special edition of CNBC’s “Squawk Box” at 8 a.m. ET for the March jobs report.
• Follow market updates here.

SpaceX has filed for bankruptcy for its long-awaited IPO, sources told CNBC’s David Faber yesterday. The company led by Elon Musk is now one step closer to what is expected to be a record-setting debut on the public market.

Secrecy allows SpaceX to share its financials with the Securities and Exchange Commission before disclosing them to the public and potential investors. But as CNBC’s Lora Kolodny notes, SpaceX will still have to file a public filing at least 15 days before the road show.

Bloomberg, citing people familiar with the matter, reports that the company may seek a value of $ 1.75 trillion and list around June. If SpaceX goes public, Musk will be the first person to run two separate, publicly traded multibillion-dollar companies.

Republican leaders in Congress said yesterday that they will support a two-way plan to fund the Department of Homeland Security, effectively returning to the Senate plan that the House GOP killed last week.

The proposal would provide funding for most of the agency, including the Transportation Security Administration, but leaves the debate over immigration enforcement for the future. Mr. Trump had said he would pay TSA agents by executive order beginning this week, which movement experts say may be supported by part of the One Big Beautiful Bill Act.

Eli Lilly has received approval from the US Food and Drug Administration for its new GLP-1 pill, the company announced yesterday. The recognition lays the groundwork for Lilly’s competitiveness and Novo Nordisk is heating up, as two pharma companies hope that their GLP-1 pills will boost their business in the new frontier of the weight loss drug market.

The company said its once-a-day pill, Foundayo, will begin shipping through its direct-to-consumer platform next week before being made available through other platforms. People with insurance can pay a $25 monthly copay, while those without coverage can pay as much as $349.

In an interview with CNBC, Eli Lilly’s CEO, Dave Ricks, also said that the pharmaceutical giant opposes the White House’s push to unify the prices of the “nation’s most favored” drugs. Ricks said he worries that lowering prices today could lead to a weaker pipeline of drugs in the future.

Sam’s Club is raising the price of its annual membership for the first time since 2022.

The Walmart– the storage group said yesterday that it will raise its annual fees by $10 starting next month. Basic and premium memberships will now cost $60 and $120 respectively.

As CNBC’s Melissa Repko notes, Sam’s Club memberships are getting cheaper Costco‘s, even with the increase. Sam’s Club in a statement cited benefits such as extended hours and enhanced pickup and delivery options as reasons for the price hike.

Here are some stories we recommend 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 issue.