Trump’s Iran deadline, the Altman-Musk battle, Novo’s Wegovy pill and more on Morning Squawk.

Hello, and congratulations to everyone who had the Michigan Wolverines win their March Madness bracket.

Stock futures are lower this morning after the three major indexes closed Monday’s session higher.

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

Hopes for a ceasefire are fading with less than 12 hours until President Donald Trump’s 8pm ET deadline for Iran to reopen the Strait of Hormuz.

Here’s what you need to know:

• Trump said yesterday that the latest ceasefire proposal was “not enough,” though he called it a “very important step.”
• He also reiterated his threats of widespread US attacks on Iranian factories and bridges if the country does not open the Strait of Hormuz this evening.
• Oil prices continue to rise today, and a critical sea route remains closed for good.
• Wall Street’s Citrini Research said yesterday that it had sent an analyst to Musandam on the Oman Peninsula to investigate traffic through the Strait. Here’s what the reviewer saw.
• The future is bound to Dow Jones industrial average sank 200 points this morning as investors grew pessimistic about the prospect of a US-Iran deal ahead of Trump’s deadline.
• Follow market updates here.

Parts of Universal Music Group rose more than 10% after Bill Ackman’s Pershing Square this morning offered to buy the company in cash and stock for about 55.8 billion euros, or $64.4 billion.

The proposal of the sponsor of the opponent is equal to the total price of 30.4 euros per one share, almost 80% to the price of the closing share of UMG on April 2. Under the conditions of the proposal, the Dutch company would create a firm recently merged with Pershing and list it on the New York Stock Exchange – something that Ackman had previously pushed for.

Ackman said in a statement that UMG’s stock price was “reduced” due to issues “not related to the performance of its music business and importantly, all of them can be resolved through this process.” Before today’s announcement, UMG shares were down 23% this year.

With less than a month before OpenAI and Elon Musk go to trial, the AI ​​company is still on the offensive.

OpenAI sent a letter to attorneys general in Delaware and California yesterday, asking them to investigate Musk’s “improper and anti-competitive conduct.” The letter accuses the Tesla The CEO – who co-founded OpenAI with Sam Altman in 2015 before leaving three years later – is “coordinating his efforts” with Measure CEO Mark Zuckerberg.

It’s not the first time OpenAI has acknowledged Musk’s potential influence on its business. Since Musk sued OpenAI in 2024, the AI ​​firm has warned investors that it could make “deliberately surprising, attention-grabbing reports” ahead of the trial. Jury selection will begin later this month.

Parts of Broadcom are up 3% before bell after the chip maker revealed new deals and Google and Anthropic yesterday – an indication of the continued need for the infrastructure needed to fuel the artificial intelligence boom.

In a new deal with Google, Broadcom has agreed to develop future versions of the tech giant’s AI chips. The company will give Anthropic access to about 3.5 gigawatts of computing power, expanding its ongoing partnership with Google and the AI ​​startup.

Anthropic said in a Monday blog post about the deal that its annual revenue rose to $30 billion, up from $9 billion at the end of last year.

Novo Nordisk has seen strong demand for its Wegovy pill in the three months since it launched the treatment option. As CNBC’s Annika Kim Constantino reports, this trend is largely driven by a new wave of patients.

Wegovy’s pill – which in January became the first GLP-1 pill for obesity – is not only cheaper than its injectable counterpart. It also does not involve needles, which is a significant drawback for some patients. “There are a number of patients who don’t want to be injected with a needle in the case of a vial and syringe, or to be injected with a price,” Jamey Millar, head of Novo’s US operations, told CNBC last week. “We appeal to both.”

However, the increasing demand for Wegovy’s pill has not changed the rise in Novo’s stock price. The Danish drugmaker is struggling Eli Lilly for market share in the obesity area, and Lilly last week received US approval for its GLP-1 pill.

JPMorgan Chase CEO Jamie Dimon listed several “significant” challenges for his bank in his annual shareholder letter published yesterday. Among those were politics, AI and turmoil in private markets, but Dimon took particular issue with what he called “poor banking regulations.”

– CNBC’s Lisa Kailai Han, Sean Conlon, Kevin Breuninger, Megan Cassella, Anniek Bao, Sam Meredith, Yun Li, April Roach, Ashley Capoot, Kate Rooney, Jordan Novet, Annika Kim Constantino and Sara Salinas contributed to this report. Terri Cullen edited this issue.