10AM Hour: Morgan Stanley’s Adam Jonas on SpaceX, Former Defense Sec. Esper on Iran Ceasefire, RXR CEO 7/8/26

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 8 July 2026

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Morgan Stanley’s Adam Jonas joins Squawk on the Street to explain his initiation of SpaceX, including his $600 bull-case valuation and what could propel the company higher from here. Plus, former Defense Secretary Mark Esper reacts after President Trump says the ceasefire with Iran is over, examining the geopolitical and market implications. And RXR CEO Scott Rechler discusses the outlook for New York City real estate and how the industry is responding to the unstable Midtown Manhattan building, current being transformed from an office to residential property. Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kintanio and David Faber, Leslie Picker, live at post 9 of the New York Stock Exchange.
0:06.1	Sarah Eisen is off today. Stock's getting hit here this morning. Oil is up after the president said the ceasefire with Iran to him is over.
0:14.6	We're going to talk about the fallout for global markets and we'll head to a NATO summit for the expected presidential news conference this hour.
0:21.0	A rare interview this morning with Morgan Stanley's Adam Jonas, his first appearance in around five
0:26.7	years after just initiating SpaceX with a big upside target.
0:31.0	And then Evercore is Julian Emanuel's with us.
0:32.9	Why he says the developments in the Middle East today make the Fed Minutes a huge market event.
0:39.1	First, so let's get wholesale inventories.
0:41.4	Just crossed the tape.
0:42.5	Rick Santelli has the numbers for us.
0:45.7	Yes, good morning, David.
0:47.1	Hossail inventories, this is a May final read.
0:49.3	So we take our mid-month read, which is up three-tenth, and it now moves into a much weaker mode,
0:55.2	only up one-tenth.
0:56.9	Second week is to the year outside of January, what was a minus three-tenth.
1:00.8	And this is notable.
1:02.1	We've seen a real slowdown in the growth of inventories.
1:05.7	What we see is 1.5 in March, 0.7 in April, and obviously this is up 1 10th in May.
1:12.9	That deceleration most likely would prove to be a bit of a subtraction, ultimately,
1:17.7	when we receive Q2 GDP.
1:20.3	On the sales side, this is a fresh number, 3.4%.
1:24.3	That is four times more than we were expecting.
	...

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