<div id="readability-page-1" class="page"><span></span><div><p><em>This is CNBC's Morning Squawk newsletter. </em><em>Subscribe here</em><em> to receive future editions in your inbox.</em></p><p>Good morning, and congratulations to everyone who had the Michigan Wolverines winning their March Madness bracket.</p><p>Stock futures are lower this morning after all three major averages closed Monday's session higher.</p><p>Here are five key things investors need to know to start the trading day:</p></div><h2>1. On deadline</h2><div id="ArticleBody-InlineImage-108287437"><div><div><p>US President Donald Trump speaks about the conflict in Iran in the James S. Brady Press Briefing Room of the White House on April 6, 2026, in Washington, DC.</p><p>Saul Loeb | Afp | Getty Images</p></div></div></div><div><p>Hopes for a ceasefire deal are fading with less than 12 hours to go until President Donald Trump's 8 p.m. ET deadline for Iran to reopen the Strait of Hormuz.</p><p>Here's what to know:</p><ul><li>Trump said yesterday that the latest ceasefire proposal is &#34;not good enough,&#34; though he called it a &#34;very significant step.&#34; </li><li>He also reiterated his threats of widescale U.S. attacks on Iran's power plants and bridges if the country doesn't reopen the Strait of Hormuz by this evening.</li><li>Oil prices are continuing their march higher today, with the key maritime passageway still closed.</li><li>Wall Street's Citrini Research said yesterday that it sent an analyst to Oman's Musandam Peninsula for a firsthand look at traffic through the Strait. Here's what the analyst saw.</li><li>Futures tied to the <span id="SpecialReportArticle-QuoteInBody-7">Dow Jones Industrial Average<span><span id="-WatchlistDropdown"></span></span></span> sank 200 points this morning as investors grew pessimistic about the prospects of a U.S.-Iran deal before Trump's deadline.</li><li>Follow live market updates here.</li></ul></div><h2>2. Music man</h2><div id="ArticleBody-InlineImage-108141765"><div><div><p>Bill Ackman, Founder and CEO, Pershing Square Capital Management speaks about higher education and Harvard University during at the 28th annual Milken Institute Global Conference at the Beverly Hilton in Beverly Hills, California on May 6, 2025. </p><p>Patrick T. Fallon | Afp | Getty Images</p></div></div></div><div><p>Shares of <span id="SpecialReportArticle-QuoteInBody-9">Universal Music Group<span><span id="-WatchlistDropdown"></span></span></span> are up more than 10% after Bill Ackman's Pershing Square this morning offered to buy the company in a cash and stock deal worth roughly 55.8 billion euros, or $64.4 billion.</p><p>The activist investor's proposal equates to a total deal value of 30.4 euros per share, a nearly 80% premium to UMG's closing share price on April 2. Under the terms of the proposal, the Dutch company would form a newly merged firm with Pershing and list on the New York Stock Exchange — something Ackman has previously pushed for.</p><p>Ackman said in a statement that UMG's stock price has &#34;languished&#34; due to issues &#34;unrelated to the performance of its music business and importantly, all of them can be addressed with this transaction.&#34; Before today's announcement, shares of UMG had fallen 23% this year.</p></div><h2>3. Pointing fingers</h2><div id="ArticleBody-InlineImage-108185314"><div><div><p>OpenAI CEO Sam Altman (L), and Tesla CEO Elon Musk</p><p>Reuters</p></div></div></div><div><div><p>With less than a month to go before OpenAI and Elon Musk head to trial, the AI company is going on offense. </p><p>OpenAI sent a letter to the attorneys general of Delaware and California yesterday, asking them to investigate Musk's &#34;improper and anti-competitive behavior.&#34; The letter accuses the <span id="SpecialReportArticle-QuoteInBody-12">Tesla<span><span id="-WatchlistDropdown"></span></span></span> CEO — who co-founded OpenAI with Sam Altman in 2015 before leaving three years later — of &#34;coordinating his efforts&#34; with <span id="SpecialReportArticle-QuoteInBody-13">Meta<span><span id="-WatchlistDropdown"></span></span></span> CEO Mark Zuckerberg.</p><p>It's not the first time OpenAI has acknowledged Musk's potential impact on its business. Since Musk sued OpenAI in 2024, the AI firm has warned investors that he could make &#34;deliberately outlandish, attention-grabbing claims&#34; ahead of the trial. Jury selection is set to kick off later this month.</p></div></div><div><div id="SpecialReportArticle-RelatedContent-1"><div><div><h2>Get Morning Squawk directly in your inbox</h2><div><p>CNBC's Morning Squawk recaps the biggest stories investors should know before the stock market opens, every weekday morning.</p><p>Subscribe here to get access today.</p></div></div></div></div></div><h2>4. Package deal</h2><div id="ArticleBody-InlineImage-105003098"><div><div><p>Hock Tan, CEO of Broadcom.</p><p>Martin H. Simon | Bloomberg | Getty Images</p></div></div></div><div><p>Shares of <span id="SpecialReportArticle-QuoteInBody-14">Broadcom<span><span id="-WatchlistDropdown"></span></span></span> are 3% higher before the bell after the chipmaker disclosed new deals with <span id="SpecialReportArticle-QuoteInBody-16">Google<span><span id="-WatchlistDropdown"></span></span></span> and Anthropic yesterday — a sign of the continued demand for the infrastructure needed to power the artificial intelligence boom.</p><p>In the new deal with Google, Broadcom agreed to produce future versions of the tech giant's AI chips. The company will also give Anthropic access to about 3.5 gigawatts worth of computing capacity, expanding its ongoing agreement with Google and the AI startup. </p><p>Anthropic said in a Monday blog post about the deal that its annualized revenue has topped $30 billion, up from roughly $9 billion at the end of last year. </p></div><h2>5. Novo's pill pop</h2><div id="ArticleBody-InlineImage-108263203"><div><div><p>Still life of the new Wegovy semaglutide tablets on a white background. Its a prescription medicine used with a reduced calorie diet and .and physical activity.</p><p>Michael Siluk | Universal Images Group | Getty Images</p></div></div></div><div><p><span id="SpecialReportArticle-QuoteInBody-17">Novo Nordisk<span><span id="-WatchlistDropdown"></span></span></span> has seen explosive demand for its Wegovy pill in the three months since launching the treatment option. As CNBC's Annika Kim Constantino reports, that surge is largely being driven by a new wave of patients.</p><p>The Wegovy pill — which in January became the first GLP-1 pill for obesity — is not only cheaper than its injection counterpart. It also doesn't involve needles, which are a key barrier for some patients. &#34;There are a handful of patients that don't want to be stung by the needle in the case of a vial and syringe, or stung by the price,&#34; Jamey Millar, Novo's head of U.S. operations, told CNBC last week. &#34;We're appealing to both.&#34; </p><p>Still, surging demand for the Wegovy pill hasn't translated to a surge in Novo's stock price. The Danish drugmaker is still battling <span id="SpecialReportArticle-QuoteInBody-19">Eli Lilly<span><span id="-WatchlistDropdown"></span></span></span> for market share in the obesity space, and Lilly just last week received U.S. approval for its own GLP-1 pill.</p></div><h2>The Daily Dividend</h2><p><span id="SpecialReportArticle-QuoteInBody-20">JPMorgan Chase<span><span id="-WatchlistDropdown"></span></span></span> CEO Jamie Dimon listed several &#34;significant&#34; challenges for his bank in his annual shareholder letter published yesterday. Among those were geopolitics, AI and turmoil in private markets, but Dimon took particular issue with what he characterized as &#34;poor bank regulations.&#34;</p><blockquote><div><div><p>Frankly, it’s not right, and it’s un-American.</p><div><p>Jamie Dimon</p><p>CEO, JPMorgan Chase</p></div></div></div></blockquote><p>—<em> 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, Sara Salinas contributed to this report. Terri Cullen edited this edition.</em></p><div><p>Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.</p></div></div>

PSTH.ESC

<p>In today's Morning Squawk, key updates for investors include: 1) President Trump's deadline for Iran to reopen the Strait of Hormuz is approaching, with oil prices rising amid concerns of U.S. military action. 2) Bill Ackman's Pershing Square offers to buy Universal Music Group, boosting its shares significantly. 3) OpenAI accuses Elon Musk of anti-competitive behavior ahead of their trial. 4) Broadcom's shares rise after new deals with Google and Anthropic, indicating strong AI demand. 5) Novo Nordisk's Wegovy pill sees explosive demand since its launch.</p>

CNBC

Novo Nordisk AS

Pershing Square Tontine Holdings Ltd

Warner Music Group - CL

Universal Music Group N.V.

Broadcom

VanEck Oil Services ETF

ISHRS S&P Glb Engy

iShares US Oil Equip & Svcs

SPDR O&G Ex & Prd

Pershing Square Holdings Ord

iShares US Oil & Gas Expl & Prod

VanEck Oil Refiners ETF

SPDR Energy Select

Pro Ultr Bloomberg Crude Oil

United States Oil Fund LP

Trump's Iran deadline, the Altman-Musk feud, Novo's Wegovy pill and more in Morning Squawk