Good Wednesday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with David Faber. We are live as always from post nine of the New York Stock Exchange. Carl Kintania 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 Warsh 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.

First, though, business inventories just crossed the tape.

Rick Santelli has that for us.

Rick.

Yes, David.

This is our April read on business inventories.

We're expecting up half a 1%.

And that's exactly what arrived, up half of 1%.

And if we look at last month, last month's up 9 tenths, gets revised to up 1%.

And even at 9 tenths without that revision, it was the best going all the way back to June of 22, almost four years.

So the 0.5 puts us back just a bit. The February read was point four. So point five 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 tenure as we await

the Fed's decision at 2 o'clock Eastern.

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