Apple's next CEO, Warsh's confirmation hearing, the psychedelic stock surge and more in Morning Squawk

In a surprising turn of events, Apple has announced that John Ternus, the company's hardware chief, will take over as CEO from Tim Cook this September. Cook will transition to the role of executive chairman, a move that has left investors both stunned and optimistic. The shift signals a focus on hardware expertise as Ternus steps into a significant challenge: bridging the gap in artificial intelligence, where Apple is perceived to be trailing behind its major competitors. As the market opened, Apple shares experienced a slight decline during after-hours trading, putting at risk the company's modest gains for 2026. Under Cook's leadership since 2011, Apple’s stock has skyrocketed more than 1,930%, but the new CEO will need to steer the company through the evolving AI landscape to maintain that momentum. Meanwhile, in Washington, D.C., Kevin Warsh, nominated by President Trump to succeed Jerome Powell as chair of the Federal Reserve, will undergo his confirmation hearing today. This comes after the Nasdaq Composite ended its longest winning streak since 1992, while the S&P 500 also recorded its first negative session in six, influenced by geopolitical tensions in the Middle East. Despite the broader market decline, small-cap stocks have shown resilience, with the Russell 2000 index hitting new highs. In corporate highlights, UnitedHealth Group's shares surged over 7% following a strong earnings report that exceeded expectations and allowed the company to raise its earnings outlook for 2026. This positive performance can be attributed to improved management of medical costs, an essential factor for the nation's largest insurer. In an unexpected twist, the psychedelic sector is experiencing a surge in investor interest after Trump signed an executive order aimed at accelerating research into drugs like psilocybin and MDMA. Shares in companies such as Compass Pathways and AtaiBeckley saw remarkable gains, raising questions about the regulatory hurdles these substances may still face. Lastly, U.S. importers may be eligible for over $160 billion in tariff refunds following a Supreme Court ruling that invalidated many of the tariffs imposed by the previous administration. Retailers are poised to benefit significantly from this development. Stay tuned for more updates as the markets evolve throughout the day.