Good Monday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl Kintania and David Faber. We are live, as always, from post-9 of the New York Stock Exchange.

President Trump's blockade of the Strait of Hormuz, slated to take effect right now. We will talk about that development in this

weekend's Pakistan negotiations with former Defense Secretary Mark Esper. Plus, the chairman

of Sonoko with us to discuss the war's ongoing impact on gas prices and the impact on consumers

and much more on Goldman Sachs's post-earnings move as the conference call continues this hour,

with the stock down almost 4%.

First, so let's get some breaking housing data. It's just crossing, and Rick Santelli has it for us. Rick.

Yes, indeed. And this is existing home sales for the month of March. And do remember, March's post-conflicts and interest rates, especially those affecting mortgages, was a bit on the rise.

We're expecting the number slightly over 4 million, seasonally adjusted annualized units.

Come in on the light side, 3.98 million. 3.98 million seasonally adjusted annualized units.

That is definitely sequentially lower than 4.13 million in the

rearview mirror and definitely less than a 4.05 expected. That equals where we were in June of last

year right on the nose to find a lower rate. You would have to go back to all the way back to

September of 24, CEP of 24. So this is a disappointment, but there

might be some silver lining here with interest rates moving up a bit impacting negatively

existing home sales. We do expect inventories to rise a bit, and that could help out in the

future when potentially rates normalize and the conflict ends.

Carl, back to you.

All right, Rick, thank you very much.

The U.S. is set to begin blockading Iran's ports beginning this hour after ceasefire talks failed to yield a breakthrough over the weekend.

Our Megan Kassela has the latest from Washington.

Morning, Megan.

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