Micron's new milestone, Dick's earnings, Paxton beats Cornyn and more in Morning Squawk

In a noteworthy day for Wall Street, the Dow Jones Industrial Average celebrated its 130th anniversary, even as stock futures indicated a positive start. After a slight pullback on Tuesday, the Dow's milestone coincided with a rally in the S&P 500 and Nasdaq Composite, both of which reached new heights, buoyed by Micron's impressive performance that energized the tech sector. In political news, Texas Attorney General Ken Paxton triumphed over incumbent Senator John Cornyn in the Republican primary, positioning himself as the GOP nominee for the 2026 midterm elections. Paxton, who recently secured the endorsement of former President Donald Trump, will face Democrat James Talarico in what is projected to be one of the costliest races in the U.S. With inflation and rising gas prices looming as critical issues, Republicans are facing a more challenging landscape as they head into November. Meanwhile, President Trump is set to convene a Cabinet meeting today at the White House, a change of plans from the originally scheduled Camp David location due to adverse weather. This meeting follows recent U.S. military actions in Iran, raising questions about the prospects for peace and causing a spike in Brent oil prices, which rose over 3% in light of Iran's vow to retaliate. On the corporate front, Dick's Sporting Goods shares fell in premarket trading after the company reported first-quarter earnings that fell short of expectations. The retailer faced significant expenses related to its acquisition of Foot Locker, which has just begun to show positive comparable sales growth. Despite reporting earnings of $2.90 per share—slightly below the anticipated $2.92—Dick's exceeded revenue expectations, although the costs associated with the acquisition weighed heavily on the results. In a potential game-changer, discussions have emerged regarding a possible merger between SpaceX and Tesla, as CEO Elon Musk explores synergies between the two companies. Both firms have been collaborating on technological challenges, and insiders suggest that a merger could be on the table following SpaceX’s acquisition of Musk's xAI. In travel technology, American Airlines announced plans to implement SpaceX’s Starlink for in-flight internet on over 500 aircraft, joining other airlines such as United and Southwest in adopting the service. This move highlights the growing integration of innovative tech in the aviation industry, setting a new standard for passenger connectivity. As the market opens, these developments are crucial for investors to keep in mind, shaping the landscape of both corporate and political arenas.